A home in Donnybrook, Dublin 4, was sold for one of the highest prices achieved at auction for a residential property in recent years when it went under the hammer yesterday for €4.6 million.
Milverton, a five-bed Edwardian property at 34 Herbert Park was sold in 2005 for about €8 million before coming back on the market three years later with an asking price of €13.5 million.
The 400sq m (3,700 sq ft) red-brick is situated beside Herbert Park on a third of an acre.
It went on the market through a receiver in recent weeks, with estate agents Lisney putting a €2.75 million guide price on it.
Bidding opened yesterday, with seven bidders moving the price up in increments of €100,000, until it was finally bought by a solicitor in trust.
Auctioneer David Bewley told The Irish Times: “This is a really important auction for everyone in the business because it represents a move forward for the market. A lot of people were there to see what the market had to say, and it will help inform decisions, and get people off the fence.”
At the same auction, 38 The Rise, Mount Merrion, sold for €745,000 from a guide price of €500,000.