Original owner buys back 44ac for €455,000 having sold for €6m
The remarkable collapse in development land prices was highlighted again last week when a 44ac Co Limerick property that sold during the boom for €6m was bought back by its former owner for €455,000.
Originally part of the Attyflin Estate on the outskirts of Patrickswell village and just six miles from Limerick city, the holding was bought for development in the boom and earmarked for the construction of a nursing home and a retirement village.
The tide of the global recession changed all such plans and the property was put back on the market as agricultural land.
There were four active bidders at last week's auction, three locals and a Kerry farmer.
The auction opened at €300,000 and the property went on the market at €400,000 and sold under the hammer for €455,000.
An engineer believed to be acting for the original owner of the land bought the property.
Local auctioneer Tom Crosse of GVM described the land as the best of grassland, laid out all in one field and with extensive road frontage.