Receiver slashes golf resort asking price to one-tenth of cost

The receiver appointed to a golf resort in Co Cork has instructed auctioneers to further slash the asking price — to one-tenth of its original building cost.

Four months ago, the price tag for the luxury Blarney Golf Resort, completed at a cost of €40 million, was €7m.

However, there were no big offers for the resort which boasts a 61-bed hotel. It is the only golf course in Europe designed by US player John Daly.

Now, auctioneers CBRE have dropped the asking price to just €3.9m, under instructions from the receiver Billy O’Riordan of PricewaterhouseCoopers.

Built in 2004, the resort also has 38 two-bed rental lodges and 168 acres of land.

Paul Collins of CBRE said the price now being sought was “at a very competitive level”.

“We now believe there will be competitive bidding for this. After all, there is a substantial amount of property involved,” Mr Collins said.

While the auctioneers hope to sell, in one lot, the entire complex, they are prepared to talk to bidders interested in certain sections of it.

“We will talk to people if they are interested in parts. But that would have to be somebody interested in all the houses, all of the hotel etc,” Mr Collins said.

He said it was likely the auctioneers would seek formal bids by the end of October or early November.

“We will then assess the bids and, hopefully, there will be a clear winner,” Mr Collins said.

The rental lodges, similar to those in Fota and other resorts, have restrictions on being used as permanent homes.

Mr Collins said it was “a world-class golf resort” which had potential to be utilised for conferences.

The auctioneers believe the resort is well positioned to attract the leisure break, family, corporate, group and wedding owners.

New owners would likely try to cash in on the popularity of the nearby Blarney villages which is visited by more than 400,000 tourists every year.

The hotel also features 24 executive rooms, a bridal suite, bar, restaurant, three conference and banqueting suites, a spa and health club with 20m pool.

The five-year-old golf club has around 600 members who pay annual membership fees of €1,200.

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