A Dublin house that sold for almost $14 million in 2006 is now back on the market – at less than $3 million. The staggering drop in the value of the Park Avenue, Sandymount, residence highlights the collapse of the Irish property market.
Caroline Brooks – daughter of troubled financier Derek Quinlan – paid almost twice the reserve on the semi-detached Edwardian redbrick when she bought it with her husband Matthew at auction five years ago.
Seller John Carney had originally bought the house for just €54,000 in 1974 and couldn’t believe his luck when the Brooks family paid almost twice the €5 million reserve.
The house – featured in Thursday’s Irish Times – exemplifies the incredible turnaround in the property market since the collapse of the Celtic Tiger.
READ MORE:Irish property market falls slow down
Estate agent Daphne Kaye says she is close to concluding a deal to sell the house at just over the asking price.
The Brooks family had intended to remodel the house having previously sold a house they refurbished in Dublin 6 for over €7 million.