A SANDYMOUNT house that had to be sold to repay the debts of its property investor owners fetched over €1.9 million yesterday after it was withdrawn from auction.
John Mara, and his partner Clare Murphy, have outstanding property debts with Irish Nationwide amounting to over €5.7 million. They were forced to sell the house, Chiang Mai, at Claremont Road, which they had bought and renovated as an investment in 2006.
The couple paid more than €2 million for the Victorian house, and spent an estimated €1 million in renovations. At the same time, they invested in a €2 million property in Croatia, which they have also pledged to sell, along with furniture worth €60,000 in a bid to reduce their debts.
John Mara, the son of former Fianna Fáil press officer PJ Mara, intended to sell Chiang Mai in 2007. When he put it on the market for €5.5 million, property prices plunged and, despite subsequent price cuts, no buyer could be found.
About 40 people showed up at yesterday’s auction.