ASHFORD CASTLE ON THE MARKET FOR 25 MILLION

Date Published: 31-Oct-2012

Ashford Castle, placed into receivership last year by Galway businessman Gerry Barrett, is now on sale for half the price paid for it five years ago.

The Irish Times reports that Savills is quoting a guide price of 25 million euro for the five star castle which sits on 365 acres overlooking Lough Corrib beside Cong.

Gerry Barret bought the hotel from a group of Irish-American investors in 2008 for 50 million euro.

Most of the funds were provided by Bank of Scotland which was closed down last year by its UK parent company Lloyds.

Mr Barrett placed Ashford castle into receivership a year ago, and its now to be offered for sale on the international market for 25 million euro.

Ashford Castle is understood to have made a significant profit in the past year.