CraicOn has just received information that the Caiseal Mara has been sold. It had been on the market for a year at €300,00 without a taker. It went to auction at a reserve price of €175,000 which is crazy for a hotel which has 48 bedrooms.
It also has a function room able to take 300 seats. The chandelier in reception cost €50,000 for God’s sake.
We’ve been seeking information on the auction at the RDS in Dublin all afternoon.
Sold
We have finally had confirmation from the Director of Auctions at Allsop who are selling it.
He said “Yes sold after. More details tomorrow”.
I’m presuming that means that it didn’t sell at the auction but sold afterwards but I don’t know as that is all the info I have.
That may mean that it didn’t meet its reserve price of €175,000 but sold for less – but that’s just conjecture on my part. We’ll know more tomorrow.
Update
It seems that there was only one bid for the Caiseal Mara and that was for €160,00, so, as it didn’t meet its reserve price of €170,000, it remained unsold. It would seem likely that it was sold afterwards to that bidder for that price (€160,000).
Update 2
We’ve just heard that it went afterwards for the reserve price of €175,000.
So, there you have it!