€12m Limerick mansion finally sells - for less than 2m!

Anne Sheridan

Reporter:

Anne Sheridan

THERE are bargains, and then there’s Winterwood – a staggering property with €10m knocked off its asking price, and set in the picturesque village of Adare.

THERE are bargains, and then there’s Winterwood – a staggering property with €10m knocked off its asking price, and set in the picturesque village of Adare.

Finally, after being on the market for four years, one lucky buyer is set to acquire the eight-bedroom, eight-bathroom residence for a mere €1.9m.

This property and other multi-million euro residences on the exclusive grounds of Adare Manor are no longer listed for sale, and the Limerick Leader understands the sale of Winterwood will be brought to a conclusion in the coming week.

Property agents with Sherry Fitzgerald O’Malley remained tight-lipped on the long-awaited sale after being contacted by this newspaper.

Originally valued at €12m in 2008, the property was built for a local property developer in the Celtic Tiger years, but its price was repeatedly slashed in recent years to attract a buyer. It’s price was most recently reduced to €1.9m, down from €2.8m last year.

Overall, it’s price fell by a whopping 84% since the property bubble burst.

When it first went on the market, it was one of the most expensive properties ever to be put up for sale locally, second only to the Bishop of Limerick’s residence on the North Circular Road, which was bought for €27.5m by property developer Aidan Brooks in 2007.

The property, which is set on 2.8