Prime Limerick land sold for €6m, bought back for €450k and now goes sale agreed at €4m – Limerick Live

by WT_Wiliams

14 comments

  1. Hmm, small group of councillors buying this and no real plan for its use, just aspirations. Priced as premium land but they’re considering building affordable housing. Could not make this shit up.

  2. ngl whoever bought it the second time got a pretty tidy profit

  3. Well that’s tremendous for the landowners, printing money, but who purchased the land the first time. Its intended use is mentioned but not the buyer.

  4. Corruption and government contracts go hand in hand

  6. 70 acres for 4mil and 44acres for 6 mil. much better deal this time but damn the speculation on land is crazy

  7. Family relinquishes property after defaulting on hefty bank loan > bank/NAMA/Another financial institution places property for auction > *miraculously another member of same family snaps up land at fraction of value > wait x years……profit.

    *Bonus points for family to be involved in local and/or national politics and the jump in resale value to be related to a zoning change by local council. 

    **Extra bonus points if the public are picking up the tab for the original default through a CT bailout.

  9. This feels dodgy but I’m not smart enough to know why

  10. Put a hundred year tarmac order on the land until we can figure what the hell is going on.

  13. Developer speculated and purchased 44 acres for 6 million from a farming family during the Celtic Tiger, arse fell out of the economy before the lands could be developed.

    Receivers sold it in 2013 and the farming family who still owned the bordering land and presumably still flush with cash bought the 44 acres for 450k when there was little to no interest in land banks in urban areas let alone rural areas.

    12 years on the farming family decided to sell their entire holding, Limerick City and County Council saw an opportunity to purchase a significant land bank using their Mayoral funds.

    It’s that simple, not everything is a conspiracy and the framing of the headline is piss poor journalism.

  14. Collins is dodgy as fuck. https://www.limerickpost.ie/2023/05/10/collins-knew-of-wifes-interest-in-buying-limerick-county-council-land/

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