One million slashed off Co Wicklow farm price
Glen House guide now at €290k
Farmers could be looking at extraordinary value in a Co Wicklow farm that is being brought to the market in one of the biggest ever auctions of receivership properties next month.
Having been previously sold for nearly €1.29m at the height of the boom in 2006, Glen House, Kyle, Co Wicklow, is now being offered with exactly €1m slashed from the reserve price -- at just €290,000.
The 55ac farm is laid out in more than 14 small fields, along with some rough grazing ground.
It was described by Robert Hoban of joint selling agents, Space, as a "lovely bit of grazing ground", although one local auctioneer contended it was "tough, stony land".
The farmhouse has not been lived in since a local family first sold the farm more than six years ago for €750,000 to a couple reportedly based in the US.
After securing planning permission for a shed, the property returned to the market 18 months later.
In this short period of time, the farm appreciated by more than €500,000 in value to earn a handsome €23,500/ac. It was bought by a local bidder and was let to a local farmer for the past few years.
The farm will be one of more than 80 properties that will be auctioned off with bargain basement reserves on April 15 in the Shelbourne Hotel, Dublin.