A MANSION with a private lake has sold for €450,000 – almost €2m off its asking price three years ago.
Somerton House in Crecora, Co Limerick, was on the market for €1.5m last year, down from €2.3m in 2010, but listings in the online Property Price Register reveal that it sold for about one-fifth of its original price tag on July 24.
The stunning property features six bedrooms, five bathrooms and a private lake.
The detached 6,000sq ft residence on landscaped gardens boasts solid mahogany floors and kitchen units, pure filtered water in all taps, and a master bedroom with a walk-in dressing room and jacuzzi.
Somerton House was sold through Rooney auctioneers in the city and was one of the most expensive properties on its books for a time.
Its massive price drop mirrors the fall of another expansive mansion in Co Limerick in recent years.
Winterwood, on the grounds of Adare Manor, sold last year for around €1.5m, after having a guide price of €12m four years ago.
A couple from overseas scooped the cut-price deal for the mansion bordering the famous golf club.
It was one of the most expensive properties ever to be put up for sale locally, second only to the Bishop of Limerick's residence on the North Circular Road, which was bought for €27.5m by property developer Aidan Brooks in 2007.
Entries to the Property Price Register show there have been 4,300 sales in the capital so far this year, including just over 700 last month. Twenty properties in Dublin sold for over €1m last month alone, the most expensive of which was on Sydney Avenue in Blackrock for €2.9m.
While prices continue to fall outside the capital, there are 98 houses and apartments in Dublin currently for sale for in excess of €1m.