Developer fails with €4.5m bid for 840 acres of farmland
A €4.5M bid from a developer for a farm up for auction was turned down yesterday.
Frank Fahy, of Shannon Homes Dublin, was bidding for one of the largest farming properties to go to auction in recent years.
Mr Fahy was the only bidder for the entire 840-acre Robinson estate in Co Kildare, but auctioneer Tadgh Campion considered the bid too low and withdrew the property.
Before the auction Mr Campion had declined to give a guide price because he said that it was a unique property.
However, he acknowledged that €10,000 per acre would be a reasonable price -- which suggested the vendors were expecting more than €8.4m for the land and houses.
Mr Campion said later he expected the land would be sold in lots. The properties, owned by Louis and Michael Robinson, been accumulated by the family over a period of 300 years and consist of three working farms.
One of the lots, Clonkeeran House, along with 482 acres, received bids of up to €3.7m but it was withdrawn and the auctioneer was negotiating last night with the highest bidder.
Another lot, at Knockcor, Carbury, with 264 acres, attracted bids up to €1.2m but it too was also withdrawn.
Mr Fahy is managing director of Shannon Homes which has built a number of housing estates in Dublin including houses at Laraghcon, Lucan, as well as apartments in Sandyford View, Dublin 18.
Meanwhile, a Co Carlow property that sold for €10m in 2005 was sold at another auction yesterday for €250,000. Auctioneers Knight Frank had quoted a guide price of €130,000 before the auction for Bagenalstown House.
Built in the 1700s, the property was once owned by the Bagenal family, after whom the local town of Bagenalstown was named.