The real estate boom must seem very distant to Irish financier Derek Quinlan. At the top of the craze, he paid $141m for Villa La Carriere, a stunning seaside retreat in Saint-Jean-Cap-Ferrat on the French Riviera, for which Barclays Bank loaned him $84.5m. Now that Quinlan’s empire –and the real estate market–has collapsed, however, Barclays has been left holding the bag. For a “proposed” fire-sale price of $59m, the bank will offer the house at a July 7th auction in Nice.
The 10,000 sq. ft. villa has 8 bedrooms, an elevator and pool overlooking a secluded bay. It’s located in what is certainly the most exclusive enclave in France’s Cote d’Azur, where Quinlan’s neighbors were Microsoft’s Paul Allen and Russian Oligarch Roman Abramovich. Villa La Carriere is just one of multiple properties for which Quinlan, a former Irish tax inspector who made a bundle in real estate syndication, owes a reported $845m.
Read more at Riviera Life.