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US$1 equals
1E.70
The recent economic boom in Ireland has meant rising real estate prices, an influx of EU citizens looking for work, and many more tourists. But hidden between Dublin and Galway, away from the southern and western coasts, lies an Ireland still largely undiscovered. Here, in counties Limerick, Offaly, and Kildare you can avoid the hordes of tourists and explore an Ireland where the green hills are dotted with stately castles, local pubs, and a lot of sheep. The hunt
scene
A royal
performance
The "traditional Irish entertainment" at the pub, renovated to 18th century decor, includes three young boys (looking old enough to need a baby-sitter) who play guitar and sing. From late afternoon to late evening, the entertainment never stops. In addition to the host of individual musicians downstairs, you'll find traditional dancing upstairs. The pub is part of Castle Lanea street recently recreated to model 18th-century living, including houses and a laborer's cottage-all built from rescued brick and stone from actual 18th century buildings being demolished elsewhere in the city. All in the
family
The famous boxhedges (tallest in the Guinness Book of World Records) are among the least of the reasons to see this castle. To give you a sense of scale: through the gates you'll first walk by an impressive stone carriage house-that, in its day, required 30 staff to manage. And that's not even the castle. Built by 600 workers during years of the great famine, Birr Castle today is being transformed into a scientific museum to house scientific achievements made by family members. One such artifact, a large telescope build in the 1840's by the William, the third earl of Ross, sits on the grounds. The next earl who died in 1908 used it to fairly accurately measure the surface temperature of the moon. The gardens are worth exploring. Careful planning has ensured exuberant trees and shrubs all year. The grounds are open year round (9 a.m. to 6 p.m. daily), and you can arrange a luncheon with the lord an lady for about 150. But you must cal the Lord Birr to arrange it. Teeing up
at Kilkea
The castle's main building has eleven suites, and each is decorated in a grand style. If you don't stay overnight, you must not miss dinner in Kilkea's dining room. Looking out onto the extensive gardens and watching your mates come in from a late afternoon round, you'll feast on local cuisine and drink wine from Ireland's favorite glassware, Waterford crystal. by Karen Kwiterovich Contacts
In Angela's
footsteps
Skip hotels-stay
on a boat
You can get a boat for up to eight people (costs 2825-F1405) and rent a bicycle (920), a television (E25), or an extra fishing dinghy (235) (costs are per week). Contact Silver Line Cruisers Ltd., The Marina, Banagher, OffafXtel- (353503)51112, fax -51632; silverfineftneNe TRAVEL
US$1 equals
150 pesetas
In the 83 paradores throughout Spain, you can experience local traditions and food not found in large, modern hotels. Moors and
mollusks
You can enjoy the fruits of his labor as well from the wooden balcony overlooking the courtyard (one in every room). A highlight of Tortosa is the house mollusk dish-oysters from the Ebro River delta. You can eat them with the region's famed black rice and a sugary pastry confection called Garrofetas del Papa Luna. Don Quixote
slept here
The parador itself was a Franciscan monastery built in 1596. Each monks' cell has been transformed into a cozy guestroom arranged around 14 patios. Almagro is the place for eggplant. And it is prepared in ways you have never tasted. One night, the thick slices were served in a pudding mixed with leeks. If you miss the Plaza Mayor, don't worry. A lacemaker plies her trade in the lobby of the inn. Renaissance
revisited
Dinner mixes the local flavors of almonds, peppers, and partridge in a gazpacho. Each room in the parador boasts high ceilings with a dramatic view of the Salvador Chapel. Palatial
perks
l just over
the hill lie the ruins of
The Parador de Cordoba offers cool, spacious rooms with balconies that overlook the gardens and pool. Ask for a room with a view of a Mezquita Mosque shimmering in the afternoon sun. You can feast on gazpacho here as well, but the real treat is beef C6rdoba-style. By Julie Skurdenis Contacts
Paradores de Turismo Website, www.parador.es; This Web site features maps, pictures of all of Spain's paradores, and reservation information. What you'll
pay
You can obtain the "Amigos cle Paraclores" card that helps you earn points toward a free room. Other benefits include booking priority to reserve a room, a welcome drink upon arrival, free garage space for your car, and special attention for children 14 years old or older. The card costs nothing. Contact Amigo de Paradores; tel. (3491)374-2600. REAL ESTATE: Exotic mortgage
options in the Caribbean
A recent survey showed interest rates the Caribbean and Central America ranged from 12 % to 36 %, with most approaching 20 %. A businessman on Ambergris Cay, Belize recently told me that he felt as though he had a "silent majority partner" since nearly 60 % of his company's revenues went to pay interest in local banks at rates above 18 %. A North American (even with exceptional credit) is also unlikely to find a bank willing to lend money on property outside the country, since the would-be lender has no ability to independently value the property or to resell the note on a secondary market. This has created a unique profit opportunity for adventuresome international entrepreneurs. Easy money
Realtors are also particularly fond of this arrangement, because it brings much needed liquidity to their local markets and gives them more tools to close real-estate transactions. Exotic Caye Mortgage Company (ECMC) opened its doors in Belize, the Bahamas, and the Turks and Caicos in 1997. According to its prin ciples, by 2007 it plans to be the largest and most diversified lender not only throughout the Caribbean, but around the world. A conservative
investment
While most people think of offshore investing as risky and complicated, ECMC has developed a simple and conservative approach to making money through international realestate lending. The company looks only at North American and at European buyers with excellent credit ratings. it only considers top-notch developments in countries with rising property values. After a cash discount and the buyer's down payment, the mortgage company's maximum loan exposure on a note is designed never to exceed 64 % of the purchase price. In the event of default (something company officials tell me has not happened), Exotic Caye could put the property on the market at less than twothirds the original purchase price and never lose a dime. The best part is that the company's equity is backed by nearly 200 % of its capitalization in sound tourist-related real estate, the value of which only increases as the demand for beach property goes up and the supply diminishes. One of Exotic Caye's shareholders summed it up at a recent shareholder meeting: "While a stock market investment is largely based on hype and the supply/demand of the company's stock in the secondary markets, the value of our stock is based solely on the book value of the cash and property held under management, which unlike stock markets will only go up over time." Exotic Caye, which returned a healthy 29 % return on investment to its Class A shareholders in 1997, is on pace to do the same in 1998. Neither an investment in nor a loan from Exotic Caye is regulated by the securities laws or other federal laws of the United States or Canada. This provides advantages and disadvantages. The advantages: it allows the company to operate in a flexible offshore environment designed to maximize its profits and defer taxation on its shareholders. The disadvantages: the investor's money is not insured by the FDIC or any other government entity, and the Securities and Exchange Commission has not reviewed the prospectus. This means that only sophisticated investors who have sufficient assets and the ability to review the offering materials independently or with their own financial advisers should consider this type of investment vehicle. by Joel Nagel Joel M. Nagel, J.D., LL.M., is the managing partner ofNagel & Goldstein, an international law firm headquartered in Pittsburgh. He can be contacted at (412) 263-2707 or by E-mail at NagGol@aol.com. Contacts
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