Bloomberg News

Quinlan’s Dublin House Said to Be Near Sale to Belgian Embassy

September 14, 2011

Sept. 14 (Bloomberg) -- A former Dublin home owned by Derek Quinlan, once one of Ireland’s richest men, may be sold and used by the Belgian embassy, said two people with knowledge of the matter.

The Belgian government is in talks to buy the refurbished Victorian-era property on Elgin Road in Dublin for 2.5 million euros ($3.4 million) to 2.9 million euros, said one of the two people, who declined to be identified because the talks aren’t concluded. The sale may close by the end of the year, according to the person.

Former taxman Quinlan was one of the highest-profile real- estate investors during the Irish property boom. In 2004, his private equity company, from which he stepped down in 2009, led investors buying the Savoy Hotel group for about 1 billion euros. Ireland’s National Asset Management Agency in April appointed Paul McDowell of Knight Frank Ireland as receiver to nine Quinlan family properties after he failed to present an “appropriate” debt plan, the realtor said on April 14.

The 6-bedroom semi-detached house has a floor area of about 372 square meters, according to Knight Frank. The realtor had been seeking 2.95 million euros for the property, according to Knight Frank’s website. The property is close to the U.S. and U.K. embassies.

Quinlan bought the house in 2006 for 7 million euros, and spent more refurbishing it, the Irish Times said in March, without citing anyone.

A Belgian embassy spokesman declined to comment. McDowell at Knight Frank declined to comment on talks with potential buyers.

Set up in 2009 to purge banks of risky commercial real estate loans, NAMA paid 30.2 billion euros in 2010 for loans with a face value of 71.2 billion euros, after the real estate boom collapsed in 2008.

--Editors: Dara Doyle, Ross Larsen

To contact the reporters on this story: Finbarr Flynn in Dublin at fflynn3@bloomberg.net;

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net


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