In 1998 somebody pays €7.5m for it, Spends €13m doing it up and after all this it sells 17 years later for €10.5m in 2015. These figures are not even adjusted for inflation. That is some wealth destruction.
If you had spent the 7.5m on Berkshire Hathaway stock you’d have been able to spend about 40k/mo on rent, coke and hookers and still have enough left to buy the house for cash in 2015, despite the two stock market crashes in the meantime.
It’s called NAMANOMICS.
businesspost.ie/#!story/Home … 38b738fed7
UK IT tycoon Bill Bottriel is the buyer of Sorrento House - he spends a month a year in Ireland.
Highest Irish bid was c. euro 7.5m (but wasn’t committed).
Another high-end Dublin house that can only be bought by an overseas (and £) buyer.
Let’s hope that they can find another overseas buyers when they want out, (or that the paddies are getting +80% finance on commercial property development again, to make their own cash).
I wonder what a Sinn Fein / Independent Government would (will) do to property taxes at the upper-end ?