Featured on these pages on August 9, a 75-acre residential farm in the townland of Thurlesbeg near Cashel was auctioned last Thursday at the Horse-and-Jockey Hotel.
The property was of mixed use, divided into two parts, with a superb location just 1km from the M8 motorway, and 3km from Cashel itself.
The residence is on the larger of the two blocks, comprising 50 acres.
The remaining 25 acres were just 500m away.
The residence is in a poor condition.
The guide price was “somewhere between €800,000 and €850,000,” says selling agent Alison De Vere Hunt — a good price for land, but quite a conservative estimate, as things turned out.
The property was first offered for auction in the two separate lots.
This process involved a total of four bidders and yielded an overall figure of €995,000, or €13,300 per acre, which was already in excess of the guide price, and would have constituted a good day’s work for any auctioneer.
The highest bid for the 25-acre portion was €355,000, and €640,000 was the price reached for the residential 50-acre parcel.
However, it was when the property was offered in its entirety that the bidding really took off.
Starting with an opening bid of €800,000, it immediately moved to €1,000,000.
The bidding continued until the hammer finally went down after the lengthy auction at an extraordinary price of €1,560,000, which was €20,800 per acre.
There were two bidders involved in the auction of the farm in its entirety. They were separate from the bidders who had tried in vain to purchase the two parcels separately.
According to Alison, the under-bidder was a local man, while the new owner’s identity is as yet unknown as he or she was represented by a solicitor. “We didn’t expect it to go that high,” said Alison. “It’s a lovely farm and with a bit of TLC, it will be a smashing property.”