A 46.28ac farm in Co Tipperary has sold for €926,000 in an auction which saw 197 bids made.

The farm at Belleen, Nenagh, was sold by REA Eoin Dillon in an online auction.

The property included a derelict house and generated significant buyer interest, auctioneer Eoin Dillon said.

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Nine individuals registered in advance to take part in the auction and seven of them participated on the day. Five were described as “strong” local dairy farmers.

Bidding

Bidding opened at €500,000 and rose in bids of €10,000 to €600,000 and subsequently in bids of €5,000 to reach €700,000. At this point the property was declared on the market.

Two bidders then competed with bids of €2,500 to €800,000 - at which point two new bidders got involved.

The bidding then rose in bids of €1,000 with the hammer eventually falling at €926,000. The buyer was a young local dairy farmer.

Eoin Dillon said that if €125,000 was allowed for the derelict house on 1ac, then the price for land works out at just over €17,500/ac.