Number 6, The Demesne, Adare Manor is currently for sale
A RECEIVER has more than halved the price of a multi-million euro residence on the grounds of Adare Manor, which is currently undergoing a €50 million revamp under billionaire JP McManus.
Number 6, The Demesne, Adare Manor, was listed for €2.1 million on the market over two years ago, but its price has now been reduced by just over 57%.
The price of the contemporary glazed property of almost 5,000 sq ft - nearly five times the size of an average semi detached house - was reduced to €1.85 million in 2015.
It was then withdrawn from the market, and it has now returned for €900,000, on the instructions of a receiver.
World renowned architect Johnny Grey, of Johnny Grey Studios – described as the world’s best kitchen designer by the New York Times – designed the geometrical kitchen, while overall the residence was designed by architecture firm A+D Wejchert and Partners Architects.
However, the fittings in the kitchen have now been removed from the property due to debts owed by its owners.
The five-bedroom house has 30ft vaulted ceilings and a quarter of an acre of landscaped gardens designed by Verney Naylor, who also designed Lord David Puttnam’s gardens in west Cork.
It was previously on the market through joint estate agents Sherry FitzGerald and Christies, but is now available for sale through REA O’Connor Murphy in Limerick city.
Michael O'Connor, of REA O'Connor Murphy, said they expect the property will fetch above the guide price of €900,000, and that it has already attracted potential buyers from the UK and US, with bidding expected to start next week, following a series of open viewings.
"It is getting huge interest, which we are not at all surprised by, because it's such a stunning setting and a beautiful property. It's the location that is really calling the shots here. It does need some refurbishment, as it has been vacant for a year.
"These types of properties are extremely rare on the market, especially in Limerick, at the moment, and when Adare Manor re-opens God only knows what that will do for the value of properties in the area," he told the Limerick Leader.
The Demesne at Adare Manor features 19 sites, which were sold in the past decade by Tom Kane, the former proprietor of the Adare Manor Hotel and Golf Resort, for between €650,000 and €1.8 million each.
One of the properties, Winterwood, which was built for developer Robert Butler but never occupied, sold for €1.78 million - a €10 million drop from its original asking price.
The property boasted eight bedrooms, five reception rooms, a sweeping double staircase underneath a domed roof and the largest Waterford Crystal chandelier ever privately commissioned.
The Manor is set on a 840-acre estate, with businessman and philanthropist JP McManus currently investing over €50 million in the redevelopment of the hotel and golf resort.
The JP McManus Pro-Am is due to make a comeback on its grounds in July 2018, following the refurbishment and renovation of the hotel and golf resort, which was bought by McManus for an estimated €30m.
Plans for the revamp – which is set to transform the course into the ‘Augusta of Europe’ – include the construction of a cinema, a new bedroom wing over five levels, a new pool, as well as a “first class spa”, and a new ballroom will be built.