Diplomatic Briefing

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Newsline: Irish embassies abroad valued in excess of €90m

The value of the nation’s international property empire in the hands of the Department of Foreign Affairs has now soared to over €90m. The jewel in the crown is our prestige embassy in Paris – bought for a modest €192,000 in 1954 – and now worth a cool €45m. Our diplomatic residence in Washington, purchased for €130,000 in 1964, has in the last 50 years zoomed in value to €4.3m. A residence in Madrid, which was bought the same year for €53,000, is now valued at almost €6.2m. Meanwhile, Ireland’s diplomatic residence in Argentina’s Buenos Aires, has doubled in value since it was purchased in 1997. Initially costing €723,300, most recent estimates say it is now worth over €1.5m.

http://www.independent.ie/irish-news/news/irish-embassies-abroad-valued-in-excess-of-90m-34555805.html

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