A multi-million euro South Kilkenny estate owned by a prominent property developer is on the market for almost half its purchase price.
The expansive Coolmore Estate outside Thomastown, owned by the well-known Niall Mellon, is for sale through Colliers International at €3.75 million.
Mr Mellon, who rose to prominence by establishing the Niall Mellon Township Trust, purchased the estate five years ago for €6 million.
The estate, comprised of a Georgian mansion and 242 acres, is located just off the M9 near Thomastown village.
The price slump shows that, despite Mr Mellon’s property knowledge, he is not immune to the effects of devaluation.
It follows a streak of bad luck recently endured by the Dublin native.
His Rathfarnham mansion was gutted in a blaze in July, and in March, he was listed in Stubbs Gazette with a debt of €300,000.
Mr Mellon has become a household name through his work with his organisation in South Africa.
Since 2002, delegations of volunteers have enabled the construction of over 15,000 houses in impoverished townships.
Over 10,000 volunteers have travelled to South Africa.
Another group will leave Ireland next month as part of the ‘Building Blitz 2010’ scheme.