Not the Right Time for Corr to sell but deal could be done
Kilkenny, 97ac, Withdrawn at €650,000
Published 16/11/2010 | 05:00
Musician Jim Corr and his business partner failed to sell a 97ac holding which is at the centre of a High Court dispute.
ACC Bank has taken legal action against Mr Corr and Liam Marks over their alleged failure to repay a loan of €1.36m to buy land at Barrowmount, near the village of Goresbridge in east Co Kilkenny.
But only 15 people turned up for the recent auction in the Newpark Hotel in Kilkenny city organised by auctioneer Ed Donohoe from ERA Donohoe Properties.
Sale of the land was withdrawn at €650,000, however, Mr Donohoe said he is "in negotiations" with the farmer who placed the bid.
The 97ac site has a guide price of around €800,000. "It has road frontage and planning permission for 24 sites so there is great development potential down the road," he said.
Mr Donohoe said the land was valued as agricultural land despite the fact that it has six acres zoned for residential purposes.
"It didn't sell but we're currently in talks with the highest bidder. He's a local farmer, the people at the auction were local farmers and we hope this sale will be concluded," he said.
The auctioneer was "not surprised" at the land's failure to immediately reach its guide price as development land is "just not selling" since the property bust.