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James Reilly offloads nursing home debt burden
A group of investors that includes the Minister for Children and Youth Affairs will clear the €1.9 million debt they were made to pay in a 2012 commercial court ruling.
THE NURSING HOME part-owned by Minister James Reilly has been sold in a multi-million euro deal.
The Greenhill Nursing Home in Carrick-on-suir, Co Tipperary sold for €2.6 million after initially being listed for €3.25 million.
The home had been the cause of much controversy for the Minister for Children and Youth Affairs.
A Commercial Court case in 2012 found that an agreement made by Reilly and four others to purchase the property on its tenth anniversary should be honoured.
This left the group having to pay out €1.9 million plus VAT. This was the original sum agreed for the purchase of the property.
The case was in the High Court again earlier this year with investors agreeing that the home was to be sold to cover the debt. The court heard how the group of investors had “taken a hit” on the property.
While the former Health Minister will be pleased to be clearing the debt it is thought that a substantial amount of the money made on the sale will go into legal fees and other costs. It is estimated the group made around €500,000 on the sale.
The sale took place about three weeks ago and was handled by Redmond Property Consultants along with Kenneally McAuliffe.
The home is a private facility and currently has 55 beds. The majority are single rooms with en-suites. The home is available for long stay, respite or convalescence.
Read: Reilly: Tobacco industry wants to take me to court over plain packaging
Also: Pressure on Reilly after officials call his HSE reforms ‘unworkable’
