Details of the lavish lifestyle of one of Ireland’s property barons, now broke have been revealed.
According to documents lodged with the Land Registry in France, Barclays Bank loaned former Revenue Inspector-turned-financier Derek Quinlan a total of $90m for his dream home, complete with discotheque and a flower preparation room, on the Cote D'Azur in the French Riviera.
Now,the $140m waterfront home, named the Villa La Carriere, has become a nightmare for the bank, reports the Independent.
The home is now for resale but may only fetch about $ 50 million says property experts.
Neigbors include Microsoft co-founder Paul Allen and Roman Abramovich, the Russian billionaire and owner of Chelsea FC.
Nama , the Irish body charged with clearing up Irelands’ property mess is is struggling to offload the nine properties it seized from Quinlan last Thursday, after he failed to repay the €600m he owes personally, with€300m of the debt having been owed to Anglo Irish Bank alone before being taken over by Nama.
Barclay's Bank is so anxious to move the Villa La Carriere that local real estate sources are saying that any offer approaching $75m will be accepted, with some suggesting it could yet be offloaded for as little as €50m.
The 10,000 sq ft house has eight bedrooms, nine bathrooms, a cinema, a wine cellar, a walk in fridge, a salt-treated heated infinity pool overlooking the sea, and an elevator servicing all four flours.