Somerton House in Crecora, Co Limerick, was on the market for €1.5m last year, down from €2.3m in 2010, but listings in the online Property Price Register reveal it sold for just 19.5% of its original price-tag — at a mere €450,000 this July.
The stunning property features six bedrooms and five bathrooms, and a private lake — had €1,850,000 shaved off its asking price — a reduction of more than 80%.
The detached 6,000sq ft residence on landscaped gardens boasts solid mahogany floors and kitchen units, filtered water in all taps, and a master bedroom with a walk-in dressing room and jacuzzi bath.
Somerton House was sold through Rooney auctioneers in the city, and was one of the most expensive properties on its books for a time.
Its massive price-drop mirrors the fall of another expansive mansion in Co Limerick in recent years.
Winterwood, on the grounds of Adare Manor, sold last year for in the region of €1.5m, after having a guide price of €12m four years ago.
A couple from overseas scooped the cut-price deal for the property bordering the famous golf club, after it was built for a well-known property developer during the Celtic Tiger who has now ceased his operations in Limerick.
The property has eight bedrooms, eight bathrooms and five reception rooms. The three-storey house has an atrium hallway lit by the largest-ever privately commissioned Waterford Crystal chandelier.
When it first went on the market, it was one of the most expensive properties ever to be put up for sale locally, second only to the Bishop of Limerick’s residence on the North Circular Road, which was bought for €27.5m by property developer Aidan Brooks, now based in London, in 2007.
Entries to the Property Price Register show that there have been more than 4,300 sales in the capital so far this year, including just over 700 last month.
Twenty properties in Dublin sold for over €1m last month alone, the most expensive of which was on Sydney Parade Avenue in Blackrock for €2.9m.
While properties prices continue to fall outside the capital, there are some 98 houses and apartments in Dublin currently for sale for in excess of €1m.
Another impressive property, Quinville Abbey in Quin, Co Clare, a protected structure, has come on the market for €2.5m.
The country period residence dating from the 1700s comprises three storeys over garden level with 9,000sq ft of “luxury accommodation”.