‘Record price’: Limerick farm sells for over €4m in hotly-contested auction

THERE was standing room only in GVM’s Limerick city auction room on Wednesday afternoon for the eagerly-anticipated sale of 190 acres in Kilcolman, Ardagh.

It also attracted a big audience online through LSL Auctions live-streaming with one group of men heading to a hostelry in west Limerick to watch it on a laptop and enjoy a few beverages.

“They said it was a bit like Cheltenham!” said GVM’s Tom Crosse, who presided over the auction. But it is cattle and not horses that have been grazing this land for generations.

The total of 190 acres were divided into four lots. Lot 1 was Clare House (pictured below) residence and dairy farm extending to 97.5 acres and extensive outbuildings including a milking parlour.

Lot 2, Dunmoylan, was 27.5 of good land with extensive road frontage but no buildings.

Lot 3, Boughilbo, was 52 acres of marginally hilly land with six acres of forestry.

Lot 4 was 12 acres close to the village of Kilcolman. 

The four lots were sold by the executors of the estate of the late John Lane, a noted dairy farmer.

Mr Crosse began proceedings by stating that very rarely does such a wonderful opportunity to acquire a “turn-key” dairying enterprise come to the market.

“It’s one of the finest farms I’ve had the pleasure of selling,” said Mr Crosse. A total of 15 clients had pre-registered with large deposits to be able to bid in the auction.

€1.25m was the opening bid for Lot 1 and it quickly went up in bids of €50,000 to €2.45m from half a dozen bidders.

Mr Crosse and GVM fellow auctioneer John O’Connell broke to speak to the executors and it was then put on the market.

There were just two bidders left – one in the room and one online. What followed was a 15 round “slug-out” between the two, said Mr Crosse. The bidder in the room was a Cork dairy farmer buying the lot for a son. The online bidder was an accountant purchasing in trust for a client.

They went back and forth in bids of €25k. “Fill it up for me,” urged Mr Crosse and after countless cries of “are ye all done” one would come back with another counter punch of €25k.

Finally, the bidder online won the day with Mr Crosse dropping the gavel at €2,825,000 to gasps and loud claps from those in attendance. It represents €29,000 an acre.

“Crazy money,” one person in the audience whispered.

Before the auction, Mr Crosse had in his mind a figure of €2.1m or on a really good day €2.2m.

“€2,825,000 is an exceptional number. It endorses the view that it is a fantastic property, it was driven by a lot of interest, particularly the business community and you had outside farming interests from Cork and Kerry who actively participated in the process. It’s a smashing farm,” said Mr Crosse, who paid tribute to the underbidders who he described as passionate dairy farmers and he hopes they’re lucky in getting a farm in the not-too-distant future for their son.

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The auction continued with lot 2, Dunmoylan, 27.5 acres achieving €500,000 (€18,000 per acre).

Lot 3, Boughilbo, 52 acres fetching €600,000 under the hammer (€11,500 an acre).

Lot 4, 12 acres close to the village of Kilcolman, made €225,000 (€18,750 an acre). It is understood the three buyers are all from west Limerick.

The farm was offered in one or four lots but ultimately the very hot bidding on the opening lot ensured the sale was in individual units.

All told, the 190 acres sold for €4,150,000 which represents one of the biggest agricultural land sales ever recorded in County Limerick.

On behalf of the executors, Mr Crosse thanked all the bidders and wished the new owners well with their purchases.