The Bord Gais Energy Theatre has been sold to John and Bernie Gallagher of Jurys Doyle fame for €28m.

The price falls very short of the €80 million spent on the construction of the theatre. Earlier in the year NAMA appointed receivers Grant Thornton to the theatre-owning company controlled by Dublin businessman Harry Crosbie.

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Mr Gallagher heads up the investment company Crownway which he controls with his wife, Bernie. She is a daughter of the late PV Doyle and with her two sisters, and the family of former chairman Walter Beatty, sold the Jurys Inn chain to Quinlan Private for €1.16 billion before the property crisis in 2005.