The sale of a 40ac residential farm at Farnamangh, near Cashel in Co Tipperary, raised eyebrows when it sold at auction on Thursday for €610,000 (€15,100/ac). It came with a guide price of €8,500-10,000/ac.
Located 3.5km from Cashel, the farm was described by Tipperary auctioneer Matt Ryan as top quality limestone ground with good road frontage on the Tipperary to Cashel road.
The house is a traditional three-bedroom bungalow with kitchen, sitting room and bathroom. However, the auctioneer said that it was in need of refurbishment.
There is a good working farmyard comprising two haybarns, a double span slatted unit with accommodation for 100 cattle, along with a six-unit milking parlour that was unused for a number of years.
At auction, the farm was offered in three lots, with the first lot comprising the residence and the farmyard on 29.45ac. There was one bid of €180,000 on this section. At that point the auctioneer sought bids for lot two, a 10.94ac field, but this was withdrawn without a bid.
When the entire was put to auction, interest ignited. With four bidders in the fray, it opened at €300,000, and in increments of €10,000 and €5,000 the price soon reached €610,000.
The auctioneer consulted with the vendors and it was agreed to put the farm on the market at €610,000. It sold without further bids.