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.