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Group of Irish businessmen buy 'England'
Friday, 12 September 2008
The island of 'England' has been bought by the Irish.
A group of Irish investors have purchased the island in Dubai to the consternation of a number of potential English buyers.
The island is among a large number of artificial islands created in the shape of different countries in a massive development called The World.
The makers of the islands have been selling off the islands as holiday and leisure sites that have the advantage of having the almost constant sunshine of the Gulf states.
Richard Branson planted the union jack flag on the island as part of a publicity gimmick and singer Rod Stewart was rumoured to have bought the 11-acre island.
But a group of investors from Galway, headed by developer John O'Dolan, have confirmed they bought 'England' for €23.5m. The investors, mostly solicitors, barristers and accountants, paid more than €2m each for their own sections of the island.
They plan to market the island as 'Greater Britain' and plan to put it on the market as a holiday investment.
Mr O'Dolan is also involved in the development of the island named 'Ireland' in the artificial archipelago.
"We've been asked if we're going to join the two islands together," joked Mr O'Dolan.
Villas built on the island of Ireland are for sale from €850,000 to €3m.
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well done John and his colleagues for acquiring england as a distressed asset !! lets hope the valuation stacks up !! assuming the property market picks up again - no doubt the guys will be able to sell it on to a sovereign wealth fund at a vast profit, and distribute the proceeds amongst the deprived and disadvantaged estate agents around the country !!
what next ? usa, i believe thats available off-market from a well known private equity firm !!
anyone up for bidding on the tax haven of Rathlin ?????
Posted by Mervyn King | 12.09.08, 13:21 GMT
Do reporters ever check their facts. It is the Union Flag, not the Union Jack (unless the island is also a ship, for that money i'd hope so).
Posted by Gary | 12.09.08, 11:33 GMT