07 Jul 2022

Laois farm sells for staggering seven figure sum at auction

Farm in Midlands sells for staggering seven figure sum at auction

Matt Dunne conducting the auction

The sale of a 64 and a half acre residential farm took everybody by surprise when it went for approximately 20 per cent over its reserve price.

The Gilligan family set a reserve of €910,000 for sale of the farm and property in Mountrath. The lots were as follows

Lot 1: 4 bed detached bungalow on for €280,000.00.
Lot 2: 63 acres at €10,000.00 per acre or €630,000.00.
Lot 3: The entire farm and dwelling house

Approximately 40 people arrived to the Heritage Hotel in Killenard for the auction, where drama soon followed when the gentleman setting up the online portal failed to show.

He had gone to the Hermitage golf club. “So much for technology,” chirped Matt Dunne. But everything was back on track within 30 minutes, when Solicitor Josephine Fitzpatrick read out conditions of sale;

Lot 1: the bungalow on 1 ½ acres was put up for sale, bidding stopped at €270,000.00.
Lot 2: the 63 acre was then put to the floor and bidding stopped at €600,000.00.
Lot 3: Strangely when Lot 3 was put on the floor there was no interest. So clearly the majority of the interest was just in the land.

Following consultations with the vendor Matt Dunne went through the process once again this time.
Lot 1: went for €275,000.00.
Lot 2: went for €700,000.00.

Having consulted with the vendors once again Lot 2 was declared on the market and this was when the action began. Four bidders chased the land in increments of €10,000 initially, followed by €5,000.00 then then €2,500.00.

But the land surpassed all expectations when a local farmer and someone from Birr with equestrian interest fought it out to the bitter end. Matt Dunne’s hammer fell at €885,000.00, equating €14,000 per acre.

The bungalow on one and a half acres was then sold under the hammer to a local couple for €275,000.00.
Matt Dunne is urgently looking for similar farms in the area for disappointed underbidders.

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