Thursday, April 24, 2014

Breaking Island News

Ireland: Inishturk Beg Snapped Up By Anonymous Buyer

Formerly the pride and joy of Secret Millionaire Nadim Sadek, County Mayo’s most famous island, Inishturk Beg, has been sold by receivers for just less than EUR 3 million.

Inishturk Beg

Image Courtesy of Vladi Private Islands

Despite spending such a short time on the market, this 65 acre beauty certainly managed to make great waves amongst the island community – looking at the pictures; it’s not difficult to see why. No stone was left unturned in turning this emerald islet into Ireland’s premiere private island. Boasting seven stunning bedrooms, a magnificent swimming pool and even its own helipad, Inishturk Beg is simply unrivalled in terms of luxury. The home gym, grand games room and impressive home cinema complete the picture, creating the ultimate playground for the rich and famous.

Originally purchased by Irish-Egyptian businessman Nadim Sadek in 2003 after a bizarre bidding war which saw the entrepreneur and former Secret Millionaire star pitted against Boyzone heartthrob Ronan Keating, Inishturk Beg became something of a labour of love for Sadek, who is rumoured to have invested a cool EUR 9 million in turning his island dream into a reality. How then, did this idyllic island – often considered to be the jewel in the crown of Ireland’s exclusive Clew Bay region – end up in the hands of the receivers with a guide price of only EUR 2.85 million?

Shielded from the wild, westerly winds by a myriad of emerald islets and financed through the sale of Sadek’s multi-million pound market research empire, it came as some surprise that Inishturk Beg and its Egyptian-Irish owner weren’t able to weather the financial storm of 2011. Alas, the edict “no man is an island” has seldom rung truer. The island’s finances moved further into the red and receivers were forced to intervene, eventually entrusting the dynamic duo of Knight Frank Ireland and Sherry FitzGerald to put Inishturk Beg up for sale.

Inishturk Beg - Dusk

Image Courtesty of Vladi Private Islands

Attracting a tremendous amount of international interest since entering the market in July 2012, it was only a matter of time until someone snapped up this incredible island, described by Harriet Grant (Knight Frank) as being “the property of a lifetime […] completely unique in Ireland and probably in the British Isles.” Indeed, a mere matter of months later, Knight Frank was responsible for selling Inishturk Beg to an as yet anonymous investor from the United Kingdom for a knock-down price to the tune of EUR 3 million.

In a statement to the Irish Independent, Nadim Sadek graciously wished his successor all the best, going on to reflect on a magical decade as the Chief Islander of Inishturk Beg: “The island and the sea have taught me many things, among which is that some journeys are orbital and you never know when you might end up back where you started again.” With several business interests in the area, including the successful Maiden Voyage whisky brand, it might not be long until we herald the triumphant return of the entrepreneur who dared to dream.

Read more:

Irish Independent – Secret Millionaire Tells of Love For Island After Sale

Irish Central – Secret Millionaire Island Retreat For Sale off the Coast of Mayo

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