LOCAL ANTIPATHY torpedoed an auction of 67 acres of farm land at Crossakiel, near Kells, Co Meath, yesterday.
The land was up for sale by a receiver appointed by ACCBank but it attracted one bid of just €1. Farmers who attended the auction indicated they did not want the land sold.
The auction in the Headfort Arms Hotel in Kells was organised by Pat O’Hagan of Savills Country, Molesworth Street, Dublin. The solicitor was from an IFSC-based firm, according to one farmer present who did not wish to be named.
“There was no question but that people weren’t bidding because it was being sold by the bank,” he said. “The solicitor being from the financial services centre would be very little got up in Crossakiel.”
He said about 20 people were present for the auction and that only one bid was made, for €1.
Questions asked included whether the bank had the goodwill of the owner in selling the land. The auction was told the bank had the authority to sell the land.
Receiver Kieran Wallace of KPMG was appointed by ACC to recover money due from George Beglin of Crossakiel, who lives adjacent to the land. The land was given as collateral for loans given to Mr Beglin, who was involved in property development.
The land up for sale was not farmed by him but was leased. Mr Beglin had agreed to the sale, according to a spokeswoman for Mr Wallace, who said the receiver was confident of the sale at the valuation price.
Mr O’Hagan said the auction was attended mainly by neighbours of the owner. Given the times, it was not unusual that the land wasn’t sold.
However, “there was a certain local feeling” in the room. “It was hard to know who was there as a genuine purchaser and who was there as a neighbour.” In such circumstances it was not unusual for a genuine buyer to “sit tight”, he added.
The land, “a fine non-residential grassland farm known for its fattening ability”, was guiding at approximately €470,000. It has some sheds, an old cottage and approximately 800 metres (2,600ft) of road frontage.
Mr O’Hagan said land that did not sell at auction became available for sale by private treaty. “I certainly have people who are interested in the farm. It will be sold one way or the other.” He pointed out that efforts to resist sales can lead to less being achieved for a property than might otherwise be the case. This in turn can mean that less of a person’s debt is paid off by the sale.
“Land is always very emotional. A fair bit of to-ing and fro-ing often goes on in these circumstances, but it usually works out in the end,” Mr O’Hagan said. Mr Beglin could not be contacted last night.