A CAVAN hotel once owned by former billionaire 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 Slieve Russell’s new owner is Tony Brady, a Cavan-born businessman based in Australia.

Speaking on the sale, Mr. Brady 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 in hospitality businesses. In 2007 he was named Ireland's Richest Man. 

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