He'll have to pay VAT on tickets and sales from the proposed gift shop.
The person leasing it / running it will not have to register for vat until turnover reaches a certain threshold.
even biggest and famous museums like Uffizi's in Florence won't survive without governments donations, not to mention Anna Frank museum.
I am not saying the new tourist attraction will be like the Anne Frank house. She and her attic hideaway are such an iconic story from WW2 that nobody could compete with that. However, in 2011, the Anne Frank Foundation used the €14.3 million ($18.9 million) in revenues from tickets and merchandising to pay for its staff and activities worldwide, including exhibitions from Berlin to Buenos Aires, brochures against racism and extremism and educational materials. However, its not envisaged it will be that type of museum. Its
not true when you say Anne Franks house would not survive without government donations. Links are available, easily googled.
The property in the west has to capitalise on its own unique strengths. You think nobody will buy "lucky Irish soil"/ The most valued Irish soil ever? Well, do you think anyone would buy ordinary Irish soil? Did you know in the States, Irish-Americans ( and there are 40 million of them ) sometimes throw packets of Irish soil on the graves there.
http://www.nytimes.com/2007/03/17/nyregion/17dirt.html?_r=0
If others can sell millions of dollars worth of ordinary Irish soil, what do you think about soil which (the bank thought!) must have had gold dust in it? lol. Lucky magic soil, with a genuine leprechaun cottage on top, with its 5'6 inch high doorways. Soil which has the power to make 3 utility rooms (which were on the bank valuation) vanish without a trace or explanation.
Its thought the person who may be leasing may envisage it only being open for a few hours each day during the tourist season. I gather it may have lunchtime performances as lunchtime is when some coaches deposit their tourists for lunch and shopping nearby in the town. An up and coming comedian ( he's still a third level student but he's really good and has theatre experience ) is going to have a field day ....it will not be difficult to make fun of the celtic tiger story, the buy-to-let property the bank thought was "in good shape and good security", bank mismanagent etc. Special concession rates, if not free entry, will be offered to bankers etc, as everyone loves them.
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Who would have thought anyone 30 years ago selling Irish drinking water would succeed? Who thought Mrs Browns boys would work in the UK? Who would have thought selling lucky Irish soil to homesick Americans would never succeed?
Rather than the borrower go to England now, " Whats another year"? as Johnny Logan would say. If there is no risk to the borrower, and he's going to England sooner or later, maybe he will give it a go. Nothing left to lose, and all that. It'll be fun if nothing else.
Surely they (the bank) are writing horrible letters to the purchaser?
For one thing, I think they are a bit embarassed they never asked themselves or him how was he going to pay all that money back, the 2.5 million inc interest out of after-tax earnings over 20 years. He has asked them that, looked for calculations and they cannot answer. Plus he has already paid them more than the property was ever worth in reality.
This is my last post in this thread, because its repeating itself, and out of respect to Mr. Burgess and the site. The borrower can make up his own mind - I do not think I've said anything that will not be going public. Thank you all.