Kinsale home of fugitive developer sells for €3m

An Irishman based in London has picked up the former Kinsale home of Howard Holdings director Greg Coughlan for €3m — half what it cost to develop.

Kinsale home of fugitive developer sells for €3m

The sale has just closed on the modern, minimalist mini-mansion Fastnet House’ on the tourist town’s grand circle setting at Ardbrack, overlooking the town, the harbour, the Bandon river, and ocean.

Up to a dozen people viewed what was Kinsale’s most expensively built home since it went up for sale nearly 18 months ago, guiding €3.75m via selling agents Cohalan Downing.

“The sale is great news for the local market in Cork and Kinsale, and shows confidence in its recovery,” said auctioneer Malcolm Tyrrell, adding that it had attracted quite an international interest.

He declined to identify the buyer, but said he was an Irishman, based in London, who had steadily pursued its purchase.

Built in 2006, it cost a reported €6m to fit out the 6,000sq ft, five-bed, largely glassed contemporary home.

It’s very much an all-swimming, all-dancing, palatial pad, with a sedum grass roof and a 14m swimming pool and leisure centre in the basement.

According to sources, Fastnet House was owned by Howard Holdings’ director Greg Coughlan’s wife, Anne, and the €3m proceeds from the sale are due to go to Bank of Ireland.

Headed up by the West Cork man, Howard Holdings had projects valued at up to €2bn in train or planned in Cork, Dublin, Poland, and elsewhere by the mid-2000s, until it was hit by Ireland’s property and banking crash, and finished off by the global economic slump.

Court judgment orders totalling €60m were made against three Howard Holding directors in 2010. Mr Coughlan subsequently failed to comply with an order to disclose assets, and fled the country. He is understood to have been living Portugal and London since.

His and his wife Anne’s family home at Kinsale was designed by top Irish architects Scott Tallon Walker, and built on an expensively acquired Ardbrack 1.6-acre site by PJ Hegartys, the same team that built Howard Holdings’ signature Cork City project City Quarter.

Fastnet House has all of it five bedrooms en suite, is fully air conditioned, has an internal lift, five-star hotel finish, pool — and, clearly, a highly prized setting.

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