sunday tribune logo
 
go button spacer This Issue spacer spacer Archive spacer

In This Issue title image
spacer
News   spacer
spacer
spacer
Sport   spacer
spacer
spacer
Business   spacer
spacer
spacer
Property   spacer
spacer
spacer
Tribune Review   spacer
spacer
spacer
Tribune Magazine   spacer
spacer

 

spacer
Tribune Archive
spacer

Ten to tempt a millionaire
Shane McGinley

   


Are you one of Ireland's 100,000 millionaires? Have a spare million or 10 you'd like to invest? From the Caribbean to Lake Como, Shane McGinley trawls the market for some of the world's most sumptuous homes - and he can guarantee that they'll cost you

LAST Monday when winning horse Butler's Cabin won the Powers Whiskey Irish Grand National at Fairy house he earned a Euro100,000 bonus for his owner JP McManus. Not a bad day's work by normal standards but a drop in the ocean for one of Ireland's richest men who is riding on an estimated wealth of Euro700m.

But he is not alone. He may have left school at 15 but savvy operating sent Sean Quinn direct to an estimated Euro3.38bn and ensured him a jet set lifestyle. Bob Geldof may not like Mondays and prefer to tell us to donate our cash to African famine relief but with approximately Euro51m he'll be having a Big Breakfast in Boomtown.

Similarly the recent London City Airport sale has Dermot Desmond flying high on Euro1.84bn; Sir Anthony O'Reilly won't be living on Heinz beans with paper money worth close to Euro1.75bn; there is nothing low cost about Tony Ryan's Euro1.30bn and U2's wealth may well give them Vertigo as they sit atop a Euro800m fortune.

While these may seem like telephone-number figures to most, they are becoming more and more common.

A report by fundraiser Ireland Funds estimates that there are around 100,000 millionaires in Ireland, with 500 worth approximately Euro81m, the top 500 worth more than Euro20m each and the top 100 worth a combined Euro32bn.

With the domestic market losing some of its fizz, investors are looking overseas for hotter property options, according to Jim Power, chief economist with Friends First and a speaker at the Investment Property Summit on 25 May in the Citywest Hotel, Dublin. "Many Irish investors will look further afield for opportunities to spend surplus funds in growth areas.

"In 2007 this could exceed Euro10bn being put into both residential and commercial properties."

So rather than see any of Ireland's millionaires go homeless or have their Scrooge McDuck-style millions gather dust, we scoured the globe for some of the most glamorous, prestigious and extravagant properties that have equally eye-popping price tags.

A mountain of a house HALA RANCH, ASPEN, COLORADO Price: Euro100.5m ($135m) The details: This extravagant 56,000sq ft home, situated on a 95-acre site, is a luxury Aspen mountain home with mahogany wood throughout, custom hand-cast solidbronze hardware, stone columns, massive timber beams, woodburning "replace, handcrafted stained glass and enormous windows giving views of the Rocky Mountains.

What's so special about it: Facilities include an indoor pool, a steam room, an exercise room, a regulationsize indoor racquetball court, a tennis court, a "shing pond, cross-country ski trails and a heated haybarn and stables.

Pros: Your neighbours would include Mariah Carey, Kevin Costner, Goldie Hawn, Jack Nicholson, Michael Douglas and Antonio Banderas.

Cons: US of"cial "gures show the state of Colorado only ranks number 43 in terms of price growth, with 3.32% last year.

Contact: Christies Great Estates, Exclusive in Ireland to Ganly Walters, 01-662 3255;

www. ganlywalters. ie Let the Tradewinds fill your sails Price: From $5.25m (Euro3.9m) The details: A luxury, four-bed property overlooking the 16th green in one of the top 100 golf courses in the world. Considered one of the TRADEWINDS, PALM RIDGE, BARBADOS most desirable areas of Barbados's Royal Westmoreland area, it has views towards the Caribbean Sea.

What's so special about it:

Barbados was loved by Rich List high-"ier John Magnier so much he bought the Sadler's Wells resort.

Pros: The colonial-style property is reminiscent of a Caribbean South Fork and luckily for any owners there is no capital gains tax in Barbados.

Cons: Rental yields are low - but then who would want to rent it out?

Contact: Knight Frank, 0044-20 7861 1060;

www. knightfrank. com Des res Down Under Price: From AUS$7m (Euro4.3m) The details: Following the tradewinds Down Under, this Balinese-inspired retreat, designed by renowned architect Chris Beckingham, is an 848sq m property with "ve bedrooms and a self-contained queen bedroom pavilion linked by a turquoise in"nity-edge pool.

What's so special about it:

Hamilton Island lies in the heart of the Whitsunday Islands, Australia's largest and most popular island tourist destination and the gateway to the famous Great Barrier Reef Pros: Moderate stamp duty (1.5% to 6.75%).

Cons: Property price growth is slowing in Australia and rental yields are low.

Contact: Christies Great Estates, Exclusive in Ireland to Ganly Walters, 01-662 3255;

www. ganlywalters. ie TRADEWINDS, HAMILTON ISLAND, AUSTRALIA Under the Tuscan sun Price: Available on request (but it's in the millions) The details: This fairytale castle is not on the open market but available to buy. Previously belonging to an Italian aristocratic family the castle has four angular towers and battlements and was featured in Lorenzetti's famous 14th century frescos.

What's so special about it:

Situated near Siena, which has been declared by Unesco a World Heritage Site.

Pros: The area is popular with tourists, so the castle could have good commercial potential as a hotel.

Cons: Italy has high property transaction costs.

Contact: The Property Finders, 0044-020 7518 0335;

www. theproperty"nders. com CASTELLO DELLE QUATTRO TORRA, TUSCANY, ITALY Gotta get a ch�teau Price: Euro8m-Euro10m The details: Located near Angers in the Loire Valley, the ch�teau is 1,545sq m in size and comes with an estate of 106 acres, which includes a 22 acre lake.

What's so special about it:

The ch�teau is an iconic landmark in Angers as it was the headquarters of the local French resistance during the war.

Pros: You can own a small piece of French history as well as a home, and France is the world's number one tourist location.

Cons: Transaction costs are relatively high and French tenancy laws are notoriously very protenant.

Contact: Quintessentially Estates, 0044 20 7758 3331;

www. quintessentiallyestates. com CH�TEAU DE LA BEUVRI�RE, LOIRE VALLEY, FRANCE Balinese temptation Price: From $1.2m (Euro893,045) The details: A string of three designer homes steeped in peace and tranquillity. The homes use natural materials in the "nishes, such as local Indonesian hardwood shingles covering the roof with woven rattan matting underneath, hardwood "oors, ironwood decks, cool marbles and splendid granites. They are 15 minutes from the Nirvana golf course and have a pool on site.

What's so special about it:

The property is on a hillside that is three quarters encircled by a small river and gives the impression of a majestic jungle site or a Balinese temple setting.

Pros: These stunning properties have been on the market a while as they are expensive compared to local prices so a bargain may be had.

Cons: The Bali economy is still recovering from terrorism and the tsunami.

Contact: FX Property, 00447005 931 006;

www. fxproperty. co. uk THE NYAMBU HOUSES, BALI, INDONESIA Siamese dream Price: From $3m (Euro2.2m) The details: 20 four-bed houses on one- to two-acre estates, Soneva Kiri is a luxury resort on the island of Koh Kood. Owners also can avail of a butler service, master bedrooms, guest rooms, state-of-the-art living areas, sauna, steam rooms, spa suites, gyms, spacious bathrooms and pools with water slides. On site will be a Six Senses Spa, retail, restaurants and a host of leisure facilities.

What's so special about it: The villas are being developed with an ecologically sustainable design and with environmentally friendly construction methods.

Pros: Rental yields are one of the highest in Asia and laws are heavily in favour of landlords.

Cons: Buying can be complicated and restrictive for foreign buyers and the 2006 military coup hasn't helped con"dence.

Contact: Quintessentially Estates, 0044-20 7758 3331;

www. quintessentiallyestates. com SONEVA KIRI, KOH KOOD, THAILAND Just the icing on the lake Price: From Euro5m The details: A 470sq m detached villa, directly facing the lake at Brienno, rests on 0.7 acre of parkland. Totally restored in 2000, it also has a large garage, covered swimming pool and a conservatory.

What's so special about it: Lake Como is popular with Brad Pitt, Paul McCartney, Sharon Stone, Arnold Schwarzenegger and Yves St Laurent.

Pros: Okay, so who'd sell?

But if you do, there are no capital gains or inheritance taxes.

Cons: If you do rent it out, rental yields are low in Italy in general and tax on rental income is high.

Contact: Casa Travella Ltd, 0039-1322-660988 LAKE COMO, ITALY Paradise on earth at a comparative snitch Price: From $32.5m (Euro24.2m) The details: Located on 3.75 acres of the Bahamas' Paradise Island, the oceanfront estate has 1,750 feet of water frontage, a SEA-TO-SEA PRIVATE ESTATE, BAHAMAS heated swimming pool, pool pavilion, three docks, and a helipad area. Properties include an east guest cottage, a central main house, service buildings and a west guest cottage.

What's so special about it: The Bahamas economy is starting to recover thanks to tourism and it has a stable political system.

Pros: There are no income taxes, capital gains taxes, or inheritance taxes due by either residents or nonresidents.

Cons: Buying costs can be high.

Contact: Christies Great Estates, exclusive in Ireland to Ganly Walters, 01-662 3255; www. ganlywalters. ie London calling Price: From �3.95m (Euro5.8m) The details: A light and unusually decorated penthouse with a double volume studio reception room, a second reception room opening onto a 26ft terrace with roof-top views towards Hyde Park and three bedrooms.

What's so special about it: Located in the heart of Knightsbridge in central London.

Pros: London is a very cosmopolitan place to live in, with over 300 different nationalities to be found.

Cons: London is one of the most expensive cities to live in - but if you can afford this property it probably won't worry you too much.

Contact: Chesterton Global, 0044-207235 8090;

www. chesterton. co. uk ALBERT GATE COURT, 124 KNIGHTSBRIDGE, LONDON




Back To Top >>


spacer

 

         
spacer
contact icon Contact
spacer spacer
home icon Home
spacer spacer
search icon Search


advertisment




 

   
  Contact Us spacer Terms & Conditions spacer Copyright Notice spacer 2007 Archive spacer 2006 Archive