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Stephen Nolan: I lost £200,000 in house sale


Stephen Nolan

Stephen Nolan

Stephen Nolan

Radio star Stephen Nolan had his fingers burnt when he became “greedy” trying to make a fortune in Ulster’s booming property market.

The larger-than-life presenter has told how he was left “sickened” when he lost a whopping £200,000 as the market crashed last year.

He lost the cash after he tried to squeeze extra money out of a house he had already agreed to sell.

His would-be buyer had already handed over a cheque for £600k to buy a house from Nolan when the Beeb star pulled the plug on the deal.

But property mogul Nolan’s plan was blown apart when the housing market collapsed.

As house prices plummeted, £200k disappeared from the value of the house he was selling and he eventually sold the property for just two thirds of the amount he had previously agreed to sell it for.

And he fears his loss is karma’s revenge for him being greedy and backtracking on his buyer.

Nolan revealed his costly blunder when asking studio guests on his Five Live radio show last week to admit to the most stupid things they had ever done. The award-winning broadcaster admitted he was making himself sick even thinking about his botched property deal.

Said Stephen: “Last year I had bought a house and sold a house.

“The cheque was with my solicitor and I got greedy.

“I rang the solicitor and told him to pull out at the last minute from this guy: ‘Tell him I’m not selling’.

“The cheque was for £600k — I had a huge mortgage. I was one of these boys who was trying to make money. I was feeling just a little bit guilty.

“I said, ‘I wonder will karma get me back’?

“I pulled out. You know what? I sold the house for £400k — 200k I lost!”

Nolan, who currently spends his time between Belfast and Manchester fulfiling his TV and radio commitments, is now having a luxury home built in the Co Down countryside.

He caught the property bug when he was fronting the BBC Northern Ireland programme The Right Move five years ago, in which he would help first-time buyers find their footing on the property ladder.

And while he was helping others find their ideal home, he was also building up his own property portfolio. He’s since understood to have sold off a number of houses, but he has previously remained uncharacteristically coy about his wheeling and dealing in the property market.

He recently told one interviewer: “I have a few houses in Belfast and, same as for everyone else, it's not a good time to be owning property, but I think in the long-term it's a good investment — the population is growing, they ain't building any more land!”

It’s not the first time that Nolan has used his late-night radio shows to make shock confessions.

In February 2007, while covering the story of Tory leader David Cameron's reported drug-use while growing up, Nolan told his Five Live radio audience that he had tried a cannabis joint on one occasion while at school.

Belfast Telegraph