'Once in a generation' property sells for €1.88m in Mullingar auction

The 111-acre Gaybrook Park Estate was sold for €1.88 million at an auction last week in Mullingar.

Described as a “once in a generation” opportunity by sellers McDonnell Property Partners, bidding began at €1 million and lasted for around 20 minutes before the hammer fell.

Gaybrook House, originally built in 1790, was demolished by the Land Commission in 1960, but the original farmyard complex remains intact.

Also included with the property were a modern four-bedroom bungalow, a six-acre walled garden with gates and a bridge, 30 acres of woodland, and 80 acres of grassland.

The property was sold by James Drinan, the legal representative of Paula Drinan, who passed away in 2023.

Auctioneer David McDonnell told the 50-odd attendees that it was a “privilege” to be tasked with the sale of such a landmark property.

“The family has been in it for 41 years, and a property like this only comes up for sale once in a generation, maybe longer,” he said.

“I don’t expect to see it on the market again in my lifetime, and today is an opportunity to put your name on it.”

The auction, held at the Greville Arms Hotel, opened with a bid of €1 million, rising in increments of €100,000 to reach €1.5 million through three separate bidders.

After two increases of €50,000 took the bidding to €1.6 million, the auctioneers left the room to consult with the owners, who informed them that the sum was too low for the property to be sold.

When a bidder offered €1.65 million, the owner deemed it acceptable for the property to be listed, and the bidding began to pick up pace among three individuals.

The final bids rose through increments ranging between €10,000 and €25,000 before the hammer fell at €1.88 million.

The property was sold to solicitor John Shaw in trust for a local buyer, at a rate of €17,000 per acre.