THE UNIVERSITY of Limerick’s palatial presidential home in Killaloe has finally been sold after being unoccupied for ten years.
And the third level bosses have already invested the €790,000 selling price into another property.
On the scenic shores of Lough Derg, the former UL President’s private residence was valued at €850,000.
The new presidential home is on-campus and is home to the current UL President, Dr Des Fitzgerald.
Euro Millions lotto winner, Dolores McNamara lived close by the original Presidential home.
The new house has four bedrooms, a large dining room a terrace and a state of the art kitchen.
The university had been under pressure to dispose of the property after building the new presidential home at a price tag of €2.2 million in 2010 when the university was €3 million in debt.
The Killaloe house had not been used since former President Dr Roger Downer steeped down for health reasons.
News of the sale became public through the property price register late last year when it was described on auction sites as being widely sought after.
Money from the sale has been used to fund a third property known as Larkin House which is located to the side of the west entrance to the university from Plassey Road. It’s understood the property was bought to give UL control of that entrance and to allow for future development.
UL has not disclosed the cost of this new property nor the one acre site on which it stands. Neither has the university revealed the cost of the five acres it leads on to, which had already been acquired by the University.