Sean Quinns Apartment not advertised

38 redwood

How can this sale happen quietly. Does Sean Quinns Apartment not have to be advertised publically by IBRC Bank to get best price . It has been reported in media today that his apartment in Farmleigh Woods has been valued at 400K and 440K by 2 different Estate Agents and that a buyer has been found. Sale is expected to go through in 4 weeks. We sold our house 15 months ago with a view to buying in Farmleigh Woods. We have been renting all this time. Our preference was for a top floor apartment. In all those months not one top floor apartment came on the market. Believe me I know. I checked all the "for Sale" web sites every single day no matter where I have been. I am very familiar with Farmleigh Woods. I rent locally and I know location of Sean Quinn's apt. We never ever aspired to owing it as we thought it would be priced near 1 Million. It is a huge end penthouse. It is the size of 2 penthouses put together. The ordinary terraced apartments on lower floors are just over 1000 sq ft. They sell for around 300K. Several of these have been sold recently. We are more than interested now if the price is around the above valuations. We are cash buyers ready to go. Any advice on where to turn to get information on sale would be appreciated.

ted1

38 redwood wrote: »

How can this sale happen quietly. Does Sean Quinns Apartment not have to be advertised publically by IRBC Bank to get best price . It has been reported in media today that his apartment in Farmleigh Woods has been valued at 400K and 440K by 2 different Estate Agents and that a buyer has been found. Sale is expected to go through in 4 weeks. We sold our house 15 months ago with a view to buying in Farmleigh Woods. We have been renting all this time. Our preference was for a top floor apartment. In all those months not one top floor apartment came on the market. Believe me I know. I checked all the "for Sale" web sites every single day no matter where I have been. I am very familiar with Farmleigh Woods. I rent locally and I know location of Sean Quinn's apt. We never ever aspired to owing it as we thought it would be priced near 1 Million. It is a huge end penthouse. It is the size of 2 penthouses put together. The ordinary terraced apartments on lower floors are just over 1000 sq ft. They sell for around 300K. Several of these have been sold recently. We are more than interested now if the price is around the above valuations. We are cash buyers ready to go. Any advice on where to turn to get information on sale would be appreciated.

Did you try contacting IRBC? Also Nama has some for sale

Sleepy

Contact IBRC and make them an offer?

A buyer being found doesn't mean that it's sold. If the offer you make happens to be higher than what appears in the property price register after the fact, give the story to the press.

38 redwood

Thank you both for replies. Ted1. I have been checking Nama on a regular basis but I was using the filter putting in Castleknock and it just kept coming up with one property 2 Chesterfied Close (I have just checked it again even now and it is still there for sale). This house was sold on 4th Sept 2012. I have now found the Farmleigh woods on a different list. Thank you. I will inquire tomorrow. God knows how long ago they went on list. I did write to Nama when Menolly went into Nama as I knew there were several Apts unsold but they replied that they only owned the loans and not the assets and they referred me to Estate Agents or receivers. I do know that many of these apts were rented out recently by Guardian EA on behalf of Nama with 1 Yr lease. We were told nothing was being sold until market picks up.

riclad

WHY would nama not put this for sale on a website,
rather than sell it to the first bidder?
ESpecially since its larger than a standard apartment.

ted1

riclad wrote: »

WHY would nama not put this for sale on a website,
rather than sell it to the first bidder?
ESpecially since its larger than a standard apartment.

Might be a case where they get a valuation done to get the market price. As Quinn owns 50% and his wife the other 50 might she be the buyer or someone else who will allow the family to stay in their home?

fasttalkerchat

I would imagine that since the wife owns the other half, they know that the easiest and quickest way is to sell to the wife or other friendly party.
Who wants 50% of an occupied house?

Marcusm

I'm not sure why you think IBRC was involved? Media reports would suggest that the property was not mortgaged or encumbered and that the junior's 50% was being liquidated to purge contempt of court. In such circumstances, I'd be shocked if t was not simply sold to his wife - I believe an earlier press report commented that her parents were seeking to raise money to allow her to buy him out. IBRC may have claims on him but until they register them against the property, they would nt be involved in any sale. If the transfer is undertaken at undervalue to frustrate creditors that would also be a matter for the courts.

38 redwood

Thank You all. Mr Quinn’s half of the sale figure will go to IBRC which had brought the contempt proceedings against Mr Quinn. As they are owned by the Taxpayers surely every thing about sale should be transparent and they should have put the apt up for public sale, tender or auction. If Mr Quinns wife is buying his share why not say that. I would not have a problem with that.