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dryrot

Country Star In Bitter Row Over €1M Ghost Estate

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hi,

Smart singer gets one over on his manager - or just lucky. I enjoyed Mr Kilbride's whine as well. He so nearly dumped the houses on some other poor mugs - but no!

http://www.independent.ie/national-news/country-star-in-bitter-row-over-euro1m-ghost-estate-2307276.html

"IT HAS all the ingredients of the sort of ballad Declan Nerney might sing -- land, money, old friends and a bitter falling-out. But the country music singer, the uncle and godfather of The Saturday's Una Healy, might not fancy adding this tale to his list of hits as it involves himself, his manager Frank Kilbride, a €1m property deal and the end of a 50-year friendship between them. The 'Country and Irish' singer has split with the man who helped make him famous, as well as a millionaire, after a land development deal went wrong and left music promoter Kilbride nearly €3m in debt. The two now do not even speak, after Mr Kilbride was left owning a worthless "ghost estate" where just two houses in a development of 12 sold. Mr Nerney -- once dubbed the "Golden Boy of Drumlish" -- bought the plot on a remote piece of land in Leitrim Cross, near his hometown in Longford, 10 years ago, for an estimated €70,000. He received planning permission in 2003 to build a superpub he was going to name after his father, Dan Joe, as well as 12 houses on the six-acre site. He gave the building contract to his lifelong friend Frank Kilbride and Frank's nephew Enda Sheridan, a carpenter.

But, in 2007, just before the property bubble burst, Mr Nerney, 53, sold his interest in the housing half of the development to Mr Kilbride and Mr Sheridan's company for €1,040,000.

"

[...]

"In January 2007, Mr Kilbride handed over €1,040,000 to Mr Nerney for the partly-built housing side of the development and a legal agreement was drawn up. "I gave him the money and we were all happy but then the bubble burst and I was left holding the baby."

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You can't go wrong with bricks and mortar....

He managed to sell only two of the four-bedroom detached homes, which were originally put on the market for €255,000. Then, when the bubble burst, he went on local radio offering them at the knockdown price of €175,000, just to try to break even and pay-off most of the debt.

"I was bombarded and so was the auctioneer. I nearly had them sold that evening. We had people signed up, and contracts signed, but everyone of the purchasers invol-ved, the banks wouldn't give them any money. They had just stopped lending almost overnight and people couldn't get mortgages, the problem was the banks were not lending . . . I was prepared to sell the houses at cost price just to give back the money we had borrowed from ACC," he said.

As if things weren't bad enough, Mr Kilbride also lost his Sunday night show on Shannonside Radio, after 20 years behind the microphone.

"I just feel very, very upset that Declan was able to walk away and I was left stuck with the development and all this debt," he said yesterday.

I wouldn't call that a knock down price, these "executive" houses usually have miniscule gardens and you can lean out of the window and touch the house next door. Make it E100k for a knock down price.

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You can't go wrong with bricks and mortar....

I wouldn't call that a knock down price, these "executive" houses usually have miniscule gardens and you can lean out of the window and touch the house next door. Make it E100k for a knock down price.

Should they have built in 'Knock' then?

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I would have got away with it, if it wasn't for those pesky bankers... :lol:

I'm glad that a bunch of families didn't end up clearing up the mess that the rich, speculating folk left behind. It's a shame there weren't many more happy endings like this.

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I would have got away with it, if it wasn't for those pesky bankers... :lol:

I'm glad that a bunch of families didn't end up clearing up the mess that the rich, speculating folk left behind. It's a shame there weren't many more happy endings like this.

its harrowing to be sure, to be sure

the guy was even willing to sell them off at break even for goodness sake, is there no God out there

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...the deal was done in January 2007...the writing was on the wall for OO property in Ireland by then ....the Country Singer had good advisers or could he see that writing.... :rolleyes:

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...the deal was done in January 2007...the writing was on the wall for OO property in Ireland by then ....the Country Singer had good advisers a brain or could he see that writing.... :rolleyes:

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  • 138 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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