Before the boom it was envisaged as a location for an astronomical observatory, a shop, pub and up to 29 thatched holiday cottages. Now 32 acres of the property at Leam East, Oughterard, Co Galway, are to go for auction with an €80,000 guide price.
The lands have changed hands a number of times and in 2007 they were valued at around €2.4m.
Just five of the holiday cottages were built and they along with their 0.5 acre site are not included in the auction sale. As the only time-share cottages in Connemara they have high occupancy levels and can generate rents of €200 to €700 per week depending on the time of the year, according to local agent Rod Spencer-Jones of Spencer Auctioneers.
He is now selling the remaining 32 acres of these grazing lands and this land has full planning permission until 2016 for a further 11 cottages and a service building without clause or restrictions as to use or occupation of these cottages.
Foundations and low walls have been built on about three of these houses.
Permission for the observatory and the other properties has lapsed but Mr Spencer Jones believes there might be a possibility that they could be revived.
The observatory was planned because of the absence of light pollution on the site.
Located between the lakes and the mountains of Connemara, it is near The Quiet Man Bridge which attracts visitors and there is a picture of John Wayne sitting on the bridge.
It is also located at the end of a valley which is protected from prevailing winds, has superb mountain views in three directions and is overlooking Loughs Agraffard and Corrib to the south east.
It is about four miles from Oughterard and 21 miles from Galway City.
The auction will take place at Menlo Park Hotel, Galway, on December 7 next.