Renville House on 135ac achieved the highest land price of the year when selling for €3.2m, reports Jim O'Brien
Published 20/07/2016 | 02:30
Renville House, a 19th century Georgian residence on 135ac of land on the coast near Oranmore in Co Galway surpassed its guide price by €1.2m when it sold under the hammer of Paddy Jordan last week for €3.2m. This represents a record per acre price of over €23,700/ac.
At auction Mr Jordan described the property as representing an 'endangered species' and the bidding clearly shows that those with an interest in the holding valued the object of their desires.
Mr Jordan opened matters when he accepted a bid of €1.5m. Two bidders showed cause at that point and when the price quickly reached the guide price of €2m Mr Jordan consulted with the legal advisor to the vendors. He returned to the room where two more bidders joined the fray and the price rose to €2.7m at which point the place was put on the market with three bidders remaining.
At €2.85m two customers were still bidding and, rising in increments of €50,000, the price broke the €3m. At €3.2m Mr Jordan brought the hammer down on a hectic sale where all the bidding was done by representatives.
Commenting on the sale Mr Jordan described it as an extraordinary transaction.
"I had clients coming to see the property right up to the end. I was walking the place with a client representative at 1pm, two hours before the auction.
"The place undoubtedly had the X-factor," he said.
Located about 3km from Oranmore, an ivy covered Georgian house built in 1820 is at the centre of the farm of top class grassland that rolls down to the water's edge.