A fast response by waterborne firefighters saved precious heirlooms from a blaze which ripped through multi-millionaire's Peter Green island home yesterday.

A staff member living at the home escaped unhurt after being alerted by a neighbour living on a nearby boat.

Paintings in the two bedrooms were destroyed but the blaze at the plush Marshall Island home in the Great Sound failed to reach the library and drawing room where chairs from the Queen's coronation and first editions are kept.

Wayne Burgess, who manages the island for Mr. Green who is away, said: "The fire service did a great job. It could have been a lot worse.

"The two bedrooms in the main house are totaled -- there's nothing left but there weren't many paintings in the bedrooms.'' Mr. Burgess denied reports that the house, which belonged to Sir Harold Mitchell, contained precious Andy Warhol paintings.

Two other staff members were staying at Mr. Green's own house nearby which was completely unaffected.

Staff are still waiting to assess the cost of the damage after the early morning blaze.

Mr. Burgess said: "It's a tragedy -- you don't like to see such a classic home damaged.

"There's damage to the two bedrooms and the hall and smoke damage throughout the house.

"The Andy Warhol stuff isn't in the house. It never has been.'' "Mainly it's antique furniture, tapestries and paintings -- most of it is a lot of personal effects of the family.'' Paintings destroyed in house blaze "We had salvaged some stuff before the fire department wetted it up to stop further hot spots but it was already hit by smoke.

"The family have been contacted and they are most upset.

"We have been in touch with Mr. Green throughout the day but he has not said if he is coming back.

"He was concerned about the staff, then he asked what was damaged but he didn't ask about anything in particular.'' Firefighters were alerted about the fire at 6.26 a.m. and then raced to the dock to board boats provided by the marine police to transport them to the island.

Mr. Burgess said: "I came from Devonshire at a fairly good clip but when I got there just before 7 a.m. they were already on the island with the pumps going -- that's pretty impressive.

"They do a lot of training on the islands for this sort of thing and it worked out pretty good.'' "They put portable pumps on the boats and take a portable generator for light.'' Once there Firemen used water from the swimming pool and the tanks of the house to douse the flames which were under control by around 7.30 a.m.

Mr. Burgess said the staff member at the premises was already awake when the fire started and well away from the danger area when the neighbour tipped him off.

It was thought the blaze was caused by either an electrical fault or an electrical storm.

Tycoon Mr. Green runs the Mitchell empire including investment company Berco which recently moved the core of its business to Dublin.