CO. LOUTH: €2.75mA castle run as a hotel which starred in a TV series could be within the reach of private buyers after a price cut, says FIONA TYRRELL.

A 17TH CENTURY castle in Co Louth, which provided the location for RTÉ's Fáilte Towersreality TV series, has had its price cut by a substantial 66 per cent.

The ivy-clad Bellingham Castle in Castlebellingham, Co Louth is a rambling 2,415sq m (26,000sq ft) castle on 17 acres of grounds.

It first came to the market in 2007 with a price tag of €8 million. This asking price was then halved last October to €4 million.

Now the price has been reduced again down to €2.75 million. At this price, selling agent Savills is hoping to draw in a larger pool of potential buyers.

“Up to now people looking at the castle have been predominantly hoteliers or developers. However, the hotel and hospitality industry has taken a big hit in recent times,” says selling agent Robert Hoban.

The price reduction opens Castlebellingham up to other buyers, such as nursing home operators, or owner-occupiers who would not previously have been able to afford it, he says.

The castle has been run as an hotel since the 1960s by the Keenan family. The proprietors have retired and are looking to sell up. Castlebellingham is still functioning as a hotel and has a full wedding diary for 2009.

The hotel had its 15 minutes of fame when it was the location for the filming of the RTÉ reality TV series Fáilte Towers, which followed the ups and downs of 12 personalities as they tackled the task of running a busy country hotel for 16 days.

New owners are likely to give the hotel a revamp to bring the decor into the 21st century. It has 21 bedrooms, a large bar and lounge, restaurant, two banqueting halls, two conference rooms, as well as private accommodation.

The castle has a wonderful setting on the banks of the River Glyde with a weir and millrace. Dundalk is 11kms to the north and Dublin Airport is 58kms to the south.