Farm Ireland

Sunday 17 December 2017

Not the Right Time for Corr to sell but deal could be done

Kilkenny, 97ac, Withdrawn at €650,000

Eimear Ni Bhraonain

Musician Jim Corr and his business partner failed to sell a 97ac holding which is at the centre of a High Court dispute.

ACC Bank has taken legal action against Mr Corr and Liam Marks over their alleged failure to repay a loan of €1.36m to buy land at Barrowmount, near the village of Goresbridge in east Co Kilkenny.

But only 15 people turned up for the recent auction in the Newpark Hotel in Kilkenny city organised by auctioneer Ed Donohoe from ERA Donohoe Properties.

Sale of the land was withdrawn at €650,000, however, Mr Donohoe said he is "in negotiations" with the farmer who placed the bid.

The 97ac site has a guide price of around €800,000. "It has road frontage and planning permission for 24 sites so there is great development potential down the road," he said.

Mr Donohoe said the land was valued as agricultural land despite the fact that it has six acres zoned for residential purposes.

"It didn't sell but we're currently in talks with the highest bidder. He's a local farmer, the people at the auction were local farmers and we hope this sale will be concluded," he said.

The auctioneer was "not surprised" at the land's failure to immediately reach its guide price as development land is "just not selling" since the property bust.

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Earlier the High Court heard how Mr Corr was believed to have been evading being served with the Dutch-owned bank's proceedings against him.

The court heard that registered letters sent to Mr Corr were returned to the bank's solicitor marked "not called for".

Mr Justice John MacMenamin granted ACC an order allowing it to serve Mr Corr notice of the proceedings by "ordinary prepaid post at his normal place of residence".

It is understood that Mr Corr and Mr Marks, who lives in Dundalk, Co Louth, bought the land at Barrowmount in 2004 from a local farmer.

Irish Independent