“IT IS ACTUALLY unbelievable,” said the man who sold 4.75 acres in 2005 for €3 million and has just bought it back for €215,000.
When contacted by the Limerick Leader, Vincent Campbell confirmed he sold and bought back the piece of land and house at Ballycummin, Raheen.
It works out as a gross profit of just under €2.8 million in eight years.
Mr Campbell, of the well known family who started and ran the Highway Bar and Restaurant in Dooradoyle, said he plans to graze cattle on the site but apart from that has “no immediate plans”.
The piece of land and house was sold at auction by GVM’s Tom Crosse, who remained tight-lipped on the buyer.
However, rumours began to spread that it was the same man who sold it originally with many congratulating Mr Campbell.
“It is a very unique story. It just shows how the whole world has gone and unfortunately we all know what has happened in the eight years. We spent 20 very happy years there [in Ballycummin], we raised our family there. It was a lucky place for us and not just selling it, we were very lucky in life there. I was lucky that it was for sale again and I was in a position to buy it. I have very fond memories. I’m delighted to have it back,” said Mr Campbell.
He bought the house in 1986 and then the piece of land in 1992. When it was sold privately in 2005 a flagship car dealership was planned for the site.
Due to the country’s economic woes building never commenced. The land remained idle until it was put up sale by public auction on the instructions of Gearoid Costelloe, liquidator, Grant Thornton.
Mr Campbell lives in the locality and passes the land, located beside the roundabout that leads to Patrickswell and the M20 travelling from the city, daily
“I’m just glad it didn’t end up a horrendous eyesore like some of the ghost estates,” said Mr Campbell, who drives a 12 year-old car.
Mr Crosse, of GVM, said the land and house was sold for a very good price at their auction rooms on June 13.
“The house which is in need of repair is worth around €100,000. It is an excellent location on the outskirts of the city and it may have some long term potential,” said Mr Crosse.