Dr Edmund Farrell's Foxrock home could fetch at least £1 million and maybe £2 million if put on the market now, property sources said last night.

The £2 million estimated value is based on its possible development potential as it sits on a sizeable site which could be developed for further housing subject to planning permission. Whether approval could be obtained in such a location is, however, a matter of debate.

The house, which was extended and substantially refurbished at a cost of almost £450,000 some years ago, is located on Westminster Road, in Foxrock, Co Dublin. It was bought originally by Dr Farrell for £250,000. He later sold the house to Irish Permanent for £275,000. The works costing nearly £450,000 were carried out and he bought the house back again for £275,000.

The large two-storey detached house, known as Grasmere, stands on its own landscaped grounds and contains a gymnasium.

Earlier this year a five-bedroom detached house on Westminster Road was sold by Hamilton Osborne King for £750,000. However, property sources estimate that Dr Farrell's home would make considerably more.

"Westminster Road is the premiere road in Foxrock," said one agent.

Houses on adjacent roads are also fetching extremely good prices, some in excess of £800,000. Even modern houses on housing estates in the area are making £400,000-£500,000, according to agents.

"Very few houses on Westminster Road come up for sale," said another source. Property experts said most houses on the road were occupied by well-heeled business people, many of whom moved there 10-15 years ago. "Most people only move away when their families have grown up and they find the house too big," said one agent.