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Arran Quay Dublin Photo by: Google Images

Dublin penthouse falls from $5million to $750,000

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Arran Quay Dublin Photo by: Google Images

A stunning Dublin apartment built by the man behind the Chicago Spire has been put on the market – at almost one eighth of its boom-time price.

Property developer Garrett Kelleher once asked $5.2million at the height of the boom for the city centre penthouse apartment overlooking the river Liffey and O’Connell Bridge.

Now the receiver appointed to one of his business interests by Bank of Scotland has put the Arran Quay apartment on the market for just $745,000.

Kelleher, now involved in the movie business, saw his property interests run into financial trouble after pumping millions into the Chicago Spire project.

It is believed that Kelleher invested over $200million of his own money into the Chicago development which was launched by Irish actor Liam Neeson and his late wife Natasha Richardson.

Anglo Irish Bank forced Kelleher to hand over the undeveloped site as it sought to recover $110million in loans.

Late last year, Bank of Scotland appointed receivers to a number of subsidiaries and assets of Shelbourne Developments, owned by Kelleher.

The Dublin property now on the market at a knockdown price was designed by celebrated French designer Andree Putman to resemble a New York-style loft apartment.

Agent Ken MacDonald described the Aston Quay pad as a ‘stunning penthouse with direct access to Dublin’s Central Business District, the IFSC, plus all major entertainment and social areas’ in an interview with the Irish Independent.

The two-bedroom property measures 3,280sq ft  and is one of the largest apartments in Dublin city.

“With its panoramic views over the River Liffey, it is ideal for discerning purchasers,” said agent McDonald.

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