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Irish Government Seizes Updown Court in Foreclosure Proceeding

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The end times have arrived for Leslie Allen-Vercoe, the self-made property developer behind Updown Court, the $123M mega-mansion outside of London. Apparently, Allen-Vercoe has been unable to keep up with the massive mortgage payments, estimated at around $4M per year. That means his days at the helm of the sinking ship are over, and the Irish government are taking over. That's right, the bank that had lent the ambitious developer his cash folded in the recession and now the Irish government holds the note on the luxe property. New embassy? Probably not. The Real Estalker is quick to point out that the Irishmen are probably none too happy about the money pit they've just acquired and will be looking to slash the price to avoid paying for upkeep. Wondering where all that mortgage money went? Browse through the photogallery above or check out this video tour from a couple months back.
· Updown Court Goes Down in a Blaze of Foreclosure [The Real Estalker]
· Come, Let's Take a Tour of an Insane $123M Mega Mansion [Curbed National]