Auction battle ends in 53ac sale
Published 07/06/2011 | 05:00
A 53ac farm at Cloncoose, on the outskirts of Longford town, sold for €290,000 at auction at the Longford Arms Hotel on Friday, May 27.
The holding, off the N4 at the Ballinalee roundabout, is in one block laid out in several divisions and described by auctioneer James Quinn as good agricultural land that could do with some attention.
Up to 30 people attended the auction and saw a bid of €200,000 open proceedings.
With five bidders in the frame, the sale continued in increments of €10,000 and €5,000 until the amount on offer reached €270,000.
At this point, the auctioneer referred to the vendor and, after an in-depth consultation, it was agreed to put the property on the market at €270,000.
On return to auction, two bidders remained in contention, a local solicitor and a businessman from the south of the county.
Bidding continued briskly and the farm was sold to the businessman for €290,000.
Mr Quinn, happy with the sale, said the €5,471/ac paid was within the €5,000-6,000/ac guide price, and that the underbidder is interested in buying a similar sized farm in the Longford town area.