K Club sold to nursing home firm for €55m

K Club sold to nursing home firm for €55m
K Club sold to nursing home firm for €55m

Nursing home operator TLC has struck a deal in the region of €55 million to acquire Michael Smurfit’s K Club, according to a report in the Sunday Business Post.

Negotiations have been in train for several weeks over the five-star Kildare golf resort, placed on the market for €80 million.

Previous owners, include film producer Kevin McClory, property developer Patrick Gallagher and property magnate Alan Ferguson, the house was purchased in 1988 by the Jefferson Smurfit Group and transformed into the K Club, which opened three years later.

Gannon and Smurfit privately purchased the K Club in 2005, following the sale of Jefferson Smurfit to Madison Dearborn Partners and its subsequent merger with Kappa Packaging. 

In 2012, Michael Smurfit bought the 49% stake Gerry Gannon owned, through the NAMA for a reported 40 million euro.

The K Club is one of only four Irish 5-red-star hotels