Published Monday, 30 July 2012
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It was thought the house would be turned into a museum but it's now set to get a very different lease of life.
Following a £100,000 investment from the Ulster Community Investment Trust, the house has been sold to a not-for-profit property development company, Landmark East.
It will be let out as self-catering holiday accommodation - a plan the Best family has backed.
Norman McNarry, George Best's brother-in-law, said: "It will give lots of people from across the world the opportunity to come and stay here to stay in the same room that George best had his meals in, to sleep in the same bedroom that George Best slept in.
"So I think it's a very positive move."
Manchester United legend Best was just four years old when his family moved to Burren Way in the Cregagh.
It was in the surrounding streets where he first learned to kick a ball - and it was from this house that his coffin left on its funeral procession to Stormont in 2005, watched by tens of thousands of fans.
In 1992, the house was bestowed with a golden plaque granting Best the Freedom of the Borough.
His father, Dickie, continued to live here until his death in 2008 when the property was put up for sale.
It was previously thought the property would be turned into a museum, but the local company who have bought it say money raised by their plans will go back into the community.
Maurice Kinkead from Landmark East said: "As well as safeguarding the childhood home of one of east Belfast's most famous residents, the investment has allowed us to create and build a profitable social economy business by turning the property into holiday accommodation, the profits of which will be fed back into the local community and used for other regeneration projects in east Belfast."
Jonathan McAlpin, director of operations at UCIT, said the investment enabled Landmark East to buy the famous sporting star's family home.
"As well as the wider economic benefits that turning the property into unique holiday accommodation will bring, the purchase by Landmark East ensures that an important piece of local history remains in the hands of, and benefits the local community in east Belfast."
The house will be ready to let out later this year - and it's hoped the plans will breathe new life into the property while also benefitting the area where a footballing icon was born.