Farm Ireland

Friday 24 November 2017

Farmer buys back plot for half price

Caitriona Murphy

Caitriona Murphy

A Laois farmer who sold his 61ac holding in 2005 and retired from farming bought the property back last week for less than half what he sold it for.

The 61ac residential farm close to Rathdowney made €740,000 when it was sold at auction six years ago.

But in a sign of the collapse in land values in the interim, it was bought back by its original owner for just €333,000 last week.

The farm at Ross Upper consisted of 45ac of tillage, 16ac of forestry, a single storey residence and a number of farm buildings.

It is understood that the original owner of the farm had been living nearby to the property since selling it.

However he did not wish to comment on the sale.

The property was one of two Laois farms sold on the instructions of a receiver by Kilkenny-based auctioneer Joseph Coogan.

It is understood that both farms were part of a large portfolio of properties originally owned by one person.

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The second farm was located about four miles from the first, at Ballydavin, Cullahill, Co Laois.

Bidding on this 55ac non-residential farm opened at €400,000 and the hammer fell at €606,000.

The buyer was a local farmer and it is believed the underbidder was another farmer from Rathdowney.

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