The 218ac Lumville Farm at Edenderry, Co Offaly, was sold at auction this week by Coonan Property for the bumper price of over €31,000/ac.

The property made €6.8m for the owners Derrinstown Stud.

The property was offered for sale in three lots:

  • Lot 1 was the manager’s residence, a staff bungalow and yard on c167ac.
  • Lot 2 was a staff bungalow and yard on c51ac.
  • Lot 3 was the entire on c218ac.

    • One of the staff houses at Lumville.

    Bidding for lot 1 started at €3.5m, with two active bidders bringing the lot to €4m.

    Bidding for lot 2 started at €800,000, with three active bidders bringing the lot to €1.25m.

    Lot 3, the entire, was then offered to the room, with the bidding opening at €5.3m.

    Four bidders brought the entire to €6.7m, at which point it was placed on the market. It was finally knocked down at €6.8m, equal to just over €31,000/ac.

    Existing operator

    The buyer’s identity has not been disclosed but is understood to be an existing thoroughbred operator.

    The farm is located outside Edenderry.

    “This auction result is a great example of the demand for quality farms in the market today,” auctioneer Will Coonan of Coonan Property said afterwards.

    “Over the course of the sales campaign, we had strong enquiries from local farmers and from international buyers, all looking to acquire quality farmland in Leinster.”