News Irish News

Saturday 21 April 2018

Owner who sold land for €3m buys it back for €215,000

A MAN who sold 4.75 acres of land for €3m in 2005 has bought back the same plot for just €215,000.

Businessman Vincent Campbell described the deal as "actually unbelievable" after confirming he had bought back the land and house at Ballycummin, Raheen, Limerick.

It works out as a gross profit of just under €2.8m in eight years.

Mr Campbell, whose family ran the Highway Bar and Restaurant in Dooradoyle, Co Limerick, said he planned to graze cattle on the site but apart from that has "no immediate plans".

The land and house was sold at auction by GVM Auctioneers Tom Crosse, who remained tight-lipped on the buyer.

However, rumours began to spread that it was the same man who sold it originally with many congratulating Mr Campbell.

"It is a very unique story. It just shows how the whole world has gone and unfortunately we all know what has happened in the eight years," he said.

"We spent 20 very happy years there (in Ballycummin), we raised our family there. It was a lucky place for us and not just selling it, we were very lucky in life there."

He bought the house in 1986 and then the piece of land in 1992. When it was sold privately in 2005, a flagship car dealership was planned for the site.

Due to the country's economic woes, the building never happened. The land remained idle until it was put up for sale on the instructions of Gearoid Costelloe, a liquidator with Grant Thornton.

Mr Campbell passes the land, located beside the roundabout that leads to Patrickswell and the M20 travelling from Limerick city, daily.

"I'm just glad it didn't end up a horrendous eyesore like some of the ghost estates," said Mr Campbell.

Mr Crosse said the land and house were sold for a very good price at their auction rooms on June 13.

"The house, which is in need of repair, is worth around €100,000. It is an excellent location on the outskirts of the city and it may have some long-term potential," he added.

Irish Independent

Today's news headlines, directly to your inbox every morning.

Editor's Choice

Also in Irish News