Former billionaire's hotel sold to Australian firm

The four-star Slieve Russell resort in County Cavan was sold by liquidators

A County Cavan hotel once owned by former billionaire businessman Seán Quinn has been sold to an Australian property company.

The Slieve Russell was sold by the liquidators of the former Anglo Irish Bank, now known as Irish Bank Resolution Corporation (IBRC).

The liquidators are continuing to sell assets which Mr Quinn lost control of when his empire collapsed in 2011.

The Slieve Russell’s new owner is Tony Brady, a Cavan-born businessman based in Australia.

He said: "It is a real honour to be the successful purchaser of this beautiful property.

"The Slieve Russell will continue to be run by a local team who are doing an excellent job.

"Slieve Russell employs hundreds of people locally, both full and part time, and is an important part of the community."

Mr Brady’s company is understood to have paid around €30m (£25m) for the property.

Mr Quinn had attempted to buy back the hotel, but his bid was rejected at an early stage

Mr Quinn made his fortune in quarrying and manufacturing before later investing some of it in hospitality businesses.

He lost his businesses and was declared personally bankrupt after a disastrous investment in Anglo Irish Bank.

Who is Seán Quinn?

The self-made billionaire built a small family quarry in County Fermanagh into a huge empire.

Its various arms included manufacturing, power generation, financial services, property development and a string of hotels including the four-star Slieve Russell resort.

His huge wealth made him the UK's 12th-richest man in 2007 and he lived a life of luxury.

At the height of the Celtic Tiger economic boom, Seán Quinn was Ireland's richest man

But in December 2011 he declared himself bankrupt, owing more than £2bn to Anglo Irish Bank.

When the bank took control of his businesses, it ousted all the senior Quinn family members and senior executives on day one in a process called "de-Quinning" by locals.