A businessman from Northern Ireland is hoping to flip the Tipperary estate he purchased two years ago, launching it on the international real estate market with a selling price of $9 million (€8m).
Tom O’Gorman, from Newry, purchased the 18th century mansion Kilcooley Estate and 220 acres from Nama two years ago for $2.38 million. He then bought back, for about $1.7 million, the freehold on Kilcooley’s 950 acres of forestry, that had been leased to Coillte.
Now, with no further investment in the house or land, he is selling the estate by private treaty through joint agents Sherry FitzGerald and Christie’s International, for €8 million.
The mansion, which boasts parquet floors, plaster work ceilings, and original fireplaces, has remained unoccupied for nearly ten years and is in urgent need to attention. However, it’s Kilcooley’s enormous landholding that is most likely to attract interest as it is rare for an estate of this size to show up on the market in Ireland.
According to the Irish Times, 190 acres of parkland surround the house and is laid out in pasture and farmed, while another 950 acres is devoted to commercial revenue generating forestry. The remaining land is made up of pleasure grounds, the farmstead, roadways and the lake.
One of the largest intact estates left in Ireland, it has retained its original demesne walls and is surrounded by almost nine kilometers of “high, natural stone boundary walls” — a huge attraction for the privacy-obsessed super wealthy.
The estate also has a network of internal roads and extensive outbuildings, including original cut-stone stables, a Victorian dairy, five staff lodges, and an ice house.
Kilcooley, which lies near Gortnahoe, Co Tipperary, was built in the late 18th century by the aristocratic Barker family and remained in the hands of their descendants, the Ponsonby family, until 2004. In 2008, the estate was sold to Castleway International, a property development company for around $6.8 million. The estate was never developed and fell under the control of Nama, which sold it to O’Gorman in 2013 for a reputed $2.3 million.
The agents, who expect worldwide interest, describe it as “a quite remarkable and attractive residential estate with the potential and maturity to create one of Ireland’s finest sporting estates upon restoration.”