September 25, 2020

O’Reilly’s beachfront trophy home in Bahamas sold for €12m

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Tony O’Reilly
Pic: Mark Condren
27/3/08

By John Mulligan From Independent ie

A luxury Caribbean home that was owned by former billionaire businessman Tony O’Reilly has been sold for less than €12m.

The exclusive property at the resort in the Bahamas, called , was sold by his bankruptcy trustee. Mr O’Reilly was declared bankrupt in the Bahamas in 2015.

It had been expected that the exclusive property in a gated community on New Providence Island in the Bahamas would have fetched about $17m (€16m). Lyford Cay properties are much sought after by wealthy expats and celebrities.

Marketed by Sotheby’s International Realty, Lissadell Tamura was described as a private, elevated beachfront property on three acres with 287ft of sandy beach.

The former business mogul once counted a 29pc stake in the publisher of this newspaper, , among his assets.

Mr O’Reilly, a former Ireland rugby international, had a €22m judgment secured against him by AIB in 2014.

Aside from his prestigious Bahamas home, he also owned other trophy properties, including his prized 750-acre Castlemartin estate in Co Kildare. It was sold in 2014 to US tycoon John Malone for €28m.

The property had been described as Mr O’Reilly’s “spiritual home”. His parents and two of his grandchildren are buried in a private graveyard beside a medieval church on the grounds.

His holiday home in Glandore, Co Cork, was sold in 2015 for €1.5m.

Mr O’Reilly (80), a former chief executive of Heinz, has endured a precipitous decline in his fortunes.

He also once owned a significant stake in , alongside his brother-in-law Peter Goulandris. The pair stuffed hundreds of millions of euro into the business in a failed effort to keep it alive. collapsed in 2009. Mr Goulandris has also owned a property in the exclusive Lyford Cay resort.

IMAGE: Tony O’Reilly was declared bankrupt in the Bahamas in 2015. Photo: Mark Condren

For more on this story go to: http://www.independent.ie/business/irish/oreillys-beachfront-trophy-home-in-bahamas-sold-for-12m-35587653.html

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