An auction that was slow to start finished in a bidding frenzy on Thursday 23 July as a 99ac parcel of land in Printinstown, Delvin, Co Westmeath, was knocked down at €1.5m.
Leading the proceedings at the Greyville Hotel in Mullingar was auctioneer Padraic Murtagh.
The holding, with good road access and extensive lakeside frontage over Lough Analla, was offered in three lots:
Opening bids were measured, with lot 1 attracting a lone bid of €450,000, lot 2 remaining unbid and lot 3 starting at €1m before advancing to €1.025m, where it held.
Second round
Momentum gathered in the second round as two online bidders locked horns over lot 1, driving the 58ac plot to €570,000. Lot 2 remained unbid. Bidding on lot 3 resumed cautiously, reaching €1.1m before the auctioneer recessed, returning minutes later to seek further bids.
Lot 1 was then bid to €590,000, but lot 2 again attracted no bids. Lot 3 sparked intense competition, with 16 bids in 90 seconds, pushing the price to €1.5m.
At this point, the auctioneer took instructions from the vendors, returning to declare lot 1 and lot 2 withdrawn and the entire on the market.
“€1.5m, it’s on the market, here to be sold and I’ll sell if I can’t do any better,” he said as he opened the floor to further bids.
There was no advance and the hammer fell at €1.5m to a solicitor acting on behalf of a client who was believed to be present in the room.
“Comhghairdeas to the new owner, I think a customary bualadh bos is in order,” said Padraig, as the room broke into applause.
While the identity of the new owner hasn’t been confirmed, he is believed to be a farmer with an extensive Westmeath land portfolio and significant entrepreneurial interests.
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