Seaham Hall up for grabs at a knockdown £5million

Seaham Hall
Seaham Hall
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SEAHAM Hall is up for grabs at a knockdown price – from £12.5million to £5million.

The award-winning luxury accommodation has been up for sale since the collapse of parent company von Essen in April.

Peter Fermoy | Christie + Co | Head of Media Relations'39 Victoria Street'London SW1H 0EU'T 020 7227 0794''E peter.fermoy@christie.com''www.christiecorporate.com''Seaham Hall - Spa Pool'SUBMITTED PIC

Peter Fermoy | Christie + Co | Head of Media Relations'39 Victoria Street'London SW1H 0EU'T 020 7227 0794''E peter.fermoy@christie.com''www.christiecorporate.com''Seaham Hall - Spa Pool'SUBMITTED PIC

Now its price tag has been slashed in a bid to find a buyer.

Administrators Ernst and Young appointed agents Christie + Co to handle the sale of the von Essen chain and the firm has now revealed 19 of the 28 venues are currently under offer.

Seaham Hall is not among those which have already attracted bids.

Now its asking price has been slashed in a bid to attract a new owner to the historic East Durham site, the wedding venue for poet Lord George Gordon Byron and Annabella Milbanke in 1815.

Peter Fermoy | Christie + Co | Head of Media Relations'39 Victoria Street'London SW1H 0EU'T 020 7227 0794''E peter.fermoy@christie.com''www.christiecorporate.com''Seaham Hall - Bar lounge restaurant'SUBMITTED PIC

Peter Fermoy | Christie + Co | Head of Media Relations'39 Victoria Street'London SW1H 0EU'T 020 7227 0794''E peter.fermoy@christie.com''www.christiecorporate.com''Seaham Hall - Bar lounge restaurant'SUBMITTED PIC

Chris Day, managing director of Christie & Co said: “As we anticipated, the portfolio attracted a great deal of interest nationally and internationally from a variety of operators and investors.

“The hotels that have not yet received acceptable offers have been reduced in price and will be immediately re-launched to the market. This is quite typical in multi-asset disposals such as this.”

Von Essen, which bought the five-star hotel and spa in 2008, had racked up debts of £250million by the time it called in administrators.

A statement from Ernst and Young’s Angela Swarbrick at the time said: “It is business as normal for the hotels and customers of von Essen Hotels can continue to enjoy their stay.”

While the holding company has found itself in trouble, the accountants said the hotels themselves were not in administration and would continue to trade as usual.

It added it was too early to say how its debts would be resolved, but there were no immediate plans to sell off its assets.

A spokesman for von Essen said: “People should understand that the hotels are not in administration and continue to trade as normal.”

In its last set of accounts the properties and assets were valued at £430million.

The company bought Seaham Hall from previous owner Tom Maxfield for an undisclosed sum.

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