Drogheda property investor Gerry Fagan and his business partner Simon Burgess have acquired a golf club and holiday resort in North Carolina for an undisclosed sum.
A statement issued by their group Oceanico suggested that the "agreement" was worth as much as $500 million (€339 million). However, the company said later that this figure referred to the "value of the completed resort".
The sum represents the company's estimate of its likely revenues over several years from the sale of residential and holiday properties on the site of the Little River Golf & Resort development on a 630-acre site in the Pinehurst region of North Carolina.
Having concentrated on developments in Portugal, the deal is Oceanico's first in the US.
Opened in 1996, the development already includes a 18-hole golf course, a club house and 64 two-bedroom apartments. The company plans to build an unspecified number of new residential units in the development.
Mr Fagan said the deal fitted with its strategy "to create not just golf courses and accommodation, but world-class resorts for golfers and non-golfers alike".
