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Updown Court Heads to Foreclosure

Updown Court Heads to Foreclosure

Updown Court Heads to Foreclosure
August 24
12:04 2011


Updown Court Heads to Foreclosure

The Irish National Asset Management Agency (NAMA) has appointed receivers to take control of the UK’s Updown Court.  The mansion was redeveloped in 2002 by a joint venture between developer Leslie Allen-Vercoe and Irish Nationwide Bank, which has now been nationalised and its loans transferred to NAMA.  The bank is said to have lent up to £63 million for the project.  Updown Court first came on the market in 2005 for more than £70 million and became the most expensive private residence ever in the UK.  The developers failed to find a buyer but claim they had interest from one British, one Russian and one Far East buyer.

  

NAMA figures they’ll only need to sell Updown Court for £20 million to make a return.  The property sits within 58 acres of landscaped grounds, formal gardens & woodland and offers several ponds with fountains, a heated marble driveway, helipad, a lake, tennis court, security lodge & two guest homes.  The home itself is 52,000 square feet and features over 103 rooms including a bowling alley, two indoor & three outdoor swimming pools, panic room, an underground squash court, 50 seat cinema, underground garage for at least 8 limos and 22 bedrooms.  With NAMA seeking to get as little as £20 to recoup their costs it’s likely we’ll see a major price reduction in the coming months.  Tim Perkin of CB Richard Ellis has been appointed the lead LPA receiver to Updown Court.

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