A HOUSE owned by a former drug baron was sold at auction for €110,000 yesterday. Michael 'Mica' Kelly (30) was shot dead in a gangland attack in Dublin last September.
In December 2010 the Criminal Assets Bureau seized the house and two high-value cars -- a BMW 320 and a Volkswagen Golf Gti -- after telling the High Court it was satisfied they were the proceeds of crime.
Kelly's house at 69 Boyne View, Johnstown, Navan, Co Meath, was a four-bedroom semi for which the local auctioneer Raymond Potterton had set a disclosed reserve of €85,000.
Bidding opened at €70,000 and competition between six bidders pushed the bids up to €85,000, at which level Mr Potterton declared it on the market.
Bidding continued before it peaked at €110,000 when it was sold under the hammer to a local man who was buying it for his daughter.
The house sold a few years ago for €380,000 -- representing a drop of 71pc on its peak value.
Kelly died in a hail of bullets in broad daylight as he was targeted by the Dublin faction of the Real IRA, who have been heavily involved in an ongoing feud over money with organised crime gangs in the capital..
The Real IRA hitmen shot him with a handgun and a high powered rifle and then drove over his head as they made their escape from outside an apartment complex at Clongriffin on the northside.
Meanwhile, 11 other, unrelated, properties were sold at two auctions grossing a combined €709,000.
At the same auction Mr Potterton also sold 39 acres of rolling grazing land at Clondoggan, Summerhill, for €280,000 -- close to its guide price.
At a Leitrim auction, conducted by Patsy Smith of DM Auctions, nine properties grossed €319,000 or 18pc over their combined guide prices.
Four out of five houses on offer sold under the hammer.
The most valuable of these was a four-bedroom house at Carrowkiel Rossinver, near Manorhamilton, on 0.49 acres that sold for €74,000.
At the peak of the market it could have fetched €170,000.
A two-bedroom cottage in Dowra, which came with four acres, sold for €46,000 or €6,000 over its guide price.
A three-bedroom semi-detached house, at 4 Windmill Park, Drumkeeran, sold for its €50,000 guide price. At the peak of the market similar Windmill Park houses sold for €150,000.
A four-bedroom semi with an €80,000 guide price failed to sell. When bidding for 14 The Acres, Dromahair, petered out at €70,000 it was withdrawn and Mr Smith is in negotiations with the highest bidder.
The other six lots consisted of sites or parcels of land, five of which sold under the hammer and one of these went for double its guide.
One of the cheapest lots on offer at the DM auction was a one-acre house site which sold for its €5,000 guide price -- about a 10th of what it could have achieved at the market peak.
Located at Glassdrummond, Drumkeeran, it has permission for a four-bedroom bungalow but it was bought by a farmer with adjoining land.
Patsy Smith said after the auction that all of the vendors were private people and none of the properties were sold by banks or receivers.