The controversial Clonmannon Retirement Village in Co Wicklow has been sold to one of the State's biggest property developers, writes Padraig O'Morain.
The move has been welcomed by bungalow residents, some of whom are involved in litigation against the previous owners, Ms Jane and Mr Roddy McGrath.
The buyer is Tara Court Properties in which the main shareholder is Mr Patrick Doherty who last month said he planned a chain of nursing homes in the greater Dublin area. Mr Doherty, from Co Donegal, has interests in Ireland and Britain.
His Irish interests include the Park West Business Park in Dublin.
Tara Court is believed to have paid £1.5 million for Clonmannon. The McGraths bought Clonmannon out of liquidation in 1996 for £270,000.
Residents say they understand Tara Court will seek a British company with experience in managing nursing homes to run Clonmannon. It is understood that Tara Court intends to build a 75-bed nursing home at Clonmannon and to provide new social facilities for bungalow residents.
Clonmannon started as a retirement village in 1984 when people buying leases in bungalows were offered a package including a nursing home and dining and social facilities in Clonmannon House.
When the McGraths bought Clonmannon out of liquidation they introduced new care contracts, arguing that the original contracts were uneconomical. Residents in 13 of the 16 occupied bungalows accepted the new contracts. But residents of three bungalows, and three former residents who still have leases, took the McGraths to the High Court for breach of contract.