THE ill fated Celtworld tourism project in Tramore, Co Waterford, has been sold to a group of Northern Ireland based developers for £475,000. Bord Failte is expected to approve the deal in the next few days.
Sources say the venture has been sold to a consortium called Carnbarne House Ltd. It is believed that among those in the consortium is Laganbank Development Ltd and a company associated with Crampton's, the building firm based in the Republic. The consortium's associated companies have been involved in developing shopping centres in Belfast and Newry. Members of the consortium were unavailable for comment.
It is understood that Celtworld, which closed at the end of the summer, will continue to be used for leisure type activities, but the Celtworld theme is likely to be abandoned, according to Mr Des Purcell, the Waterford auctioneer who handled the sale.
Mr Purcell declined to disclose the buyers' identities, but said he understood a detailed proposal for Celtworld's future use was being prepared. It would then be submitted to Bord Failte.
He said Bord Failte had "a lien" on the property and the site would have to continue to be used for leisure activities.
Celtworld cost £4 million to develop and published its accounts late last year. Its total losses were more than £4 million. The accounts also showed that the company spent almost £2 million on set up costs, promotions and consultancy fees.
Celtworld chairman, Mr Frank King, said last night there had been criticism concerning the sale price. He said it had been perceived to be a bargain, but no body else had come forward. "The price is what somebody is prepared to pay," he said.
Laganbank Development Ltd is 90 per cent owned by the Belfast property company Ewart. Ewart was negotiating to buy out the remaining 10 per cent from a party understood to be involved in the Celtworld consortium.
