Bailey buys house with 'lot of old decency' for €6.4m

Dublin housebuilder Michael Bailey, one of the central figures in the Flood tribunal into land rezoning, bought a large Georgian house and estate in Co Meath for €6.4 million yesterday.

Mr Bailey, who runs Bovale Developments along with his brother Tom, is expected to spend at least another €3 million refurbishing Ashfield House which stands on 160 acres in Beauparc, Co Meath. The property includes the Suma Stud.

The selling price at yesterday's auction was well ahead of the guide price of €3.75 million issued by Colliers Jackson-Stops. Mr Bailey surprised the auctioneer by opening the bidding at €4 million and with one other businessman chasing the estate, the bids were increased each time by either €100,000 or €200,000 until the property was knocked down to the builder at €6.4 million.

Auctioneer John Hamilton said the "good price" reflected the fact that Ashfield had "a lot of old decency".

Mr Bailey's purchase of Ashfield will be greeted warmly by the Ward Union Stag Hunt, of which he is one of the masters. The new owner is expected to open up the estate to the hunt which had not been allowed through the stud farm for some years.

Besides running a highly successful housbuilding business - the company had a profit after tax of €55 million in 2003 - the Bailey brothers have specialised in assembling large tracts of land and having them rezoned. Towards the end of 2000 they sold 152 acres of housing land at Balgriffin in north Dublin to Shannon Homes for £45 million (€57.15 million). Two years ago they got another €60 million for 44 acres of housing land at Poppintree, Ballymun.

Mr Bailey has been refused costs, estimated to have run into millions of euro, from the planning tribunal.

He is best remembered for a remark made to star witness James Gogarty of JMSE as they made their way to the home of former justice minister Ray Burke. Asked by Mr Gogarty if JMSE would get a receipt from Mr Burke, Mr Bailey replied: "Will we, f--k."