Jim Mansfield country clubGalway-born brothers Luke and Brian Comer, who made a fortune in the British property market and are now mopping up apartment blocks here at knockdown prices, have emerged as front runners to buy Jim Mansfield's country club at Johnstown, close to the Dublin-Kildare border.
Palmerstown House estate and golf course, being sold at the behest of Nama, had been expected to make more than €12 million but it’s now believed that a year into the marketing campaign, the brothers have an option to buy it for around €8 million. At that figure, the 688-acre estate would be valued at only €11,627 per acre – no more than the going price for agricultural land in the area.
Mansfield spent a fortune on building the 18-hole golf course through ancient parklands and along a string of lakes and streams. He also built a lavish three-level clubhouse over 25,000 sq ft.
The sale will include Palmerstown House, a stunning Victorian mansion, which has been extensively refurbished, but with an overall floor area of 2,625 sq m (28,255 sq ft) is probably too large for use as a private home by either of the two former Galway plasterers who are reputed to be worth the guts of €1 billion.
The Comers have been particularly active in the Dublin market over the past two years, buying three completed apartment blocks at Blanchardstown and Santry in Dublin and Navan, Co Meath, for a total of around €24 million.
They have also spent another €1 million on a half-built office block built by the Cork-based Fleming Construction at Sandyford, Co Dublin.
