Lavish Limerick property sees €8.2m knocked off price

Anne Sheridan

Reporter:

Anne Sheridan

A HOME built for property developer Robert Butler in Adare is back on the market, but this time its price has been slashed by €8.2m as it has failed to attract a buyer in three years.

A HOME built for property developer Robert Butler in Adare is back on the market, but this time its price has been slashed by €8.2m as it has failed to attract a buyer in three years.

When it first came on the market in 2008 with a price of €12m it was one of the most expensive properties ever to be put up for sale locally.

Now the eight-bedroom, eight-bathroom house on the grounds of Adare Manor estate is back on the market for a more modest €3.8m.

Several lavish properties in the picturesque village of Adare are now for sale with seven-figure price-tags, which have been greatly reduced from the boom years.

Another palatial home in the Adare Manor estate is also available for €2.5m.

But despite numerous viewings, the lure of their ornate decor, marble floors and expansive grounds has yet to pay dividends.

The two properties are among 19 houses in the 840-acre Adare Manor estate, which borders the famous golf club.

Des O’Malley, agent with Sherry FitzGerald O’Malley, said the drop in price is a symptom of the property market at present.

“Both represent extraordinarily good value and have held their value a lot more than other properties at the moment,” he told this newspaper.

The residence built by Sisk for Mr Butler is ‘Winterwood, The Demense’ -  an eight-bedroom, eight-bathroom house on 2.8 acres of land.

It once attracted a bid of €10 million, however the sale did not go through, and it is now for sale through joint agents Sherry FitzGerald O’Malley and Knight Frank.

While Mr Butler lives in another residence in Adare, it is understood he has never moved into this house.

It is one of the largest houses to have been built on the estate with a staggering 1,579sq m (17,000sq ft) of living space.

It is pitched on the website as “a stunning property in a enclave of exceptional homes in an amenity rich private setting.”

In a further sign of extravagance displayed during the boom years, the three-storey house has an atrium hallway lit by the largest-ever privately commissioned Waterford Crystal chandelier.

Nearby, number 13 The Demesne, is smaller at 836sq m (9,000sq ft) but has an indoor swimming pool in its separate wing, a grand drawingroom and just over three-quarters of an acre of formal gardens. It has five en suite bedrooms and two further bathrooms. At €2.5m, Sherry FitzGerald is the sole selling agent.

Both houses come with full membership of the Adare Manor golf club, and all residents have the use of the hotel and its facilities. Service charges on each property is around €4,500 a year, which includes security and insurance.