In the Ultimate Exit Strategy, I layout a plan to create generational
wealth and even go into the secret history of the global Hilton fortune. This hotel sale is but a tiny example of what will be available to
those of us that were aware and prepared for this mathematically inevitable
Spectacular Irish hotel, massive
No Blarney. The $6 million Sandhouse
Hotel located in Donegal, Ireland, was purchased for $860,000.
It’s as much as a small, two-bedroom apartment
might cost on Manhattan’s Upper East Side. But in Ireland, Paul Diver
has purchased a spectacular 55 bedroom hotel overlooking the Donegal
coastline for a mere $860,000, down from the $6 million price the original
owners sought for the Sandhouse Hotel three years ago.
Diver, who managed the Sandhouse
Hotel in Rosnowlagh for 20 years, was delighted to
secure the 50 staff members their jobs. He told msnbc.com on Friday that he
had been willing to go “a bit higher” when the hotel was
auctioned this week in Dublin, but was delighted when his reserve-price bid
was accepted by the auctioneers.
Hotel in Donegal, Ireland.
The 50-year-old hotel went into
liquidation in 2009 after the previous owners failed to sell it during the
dramatic skid in the country’s economy.
Overall, Irish real estate prices have crashed since
2007-08, when the so-called “Celtic Tiger” economy collapsed.
Home values have fallen more than 60 percent below their peak five years ago, and commercial properties have
suffered similar declines.
For Diver, it was an opportunity he couldn’t turn down.
“It’s just a total adrenalin rush; I
can’t believe it. It’s been a long, long road but we have made
it,” he told the Irish Independent newspaper.
Diver hopes the fantastic location off the Rosnowlagh
beach will remain a lure for visitors from home and abroad. He noted the
beach has hosted the European Surfing Championship a few times over the past
15 years and boasts “fantastic waves.”