A PALATIAL residence in Crecora has sold for 80% less than its guide price of €2.3m three years ago.
Somerton House was on the market for €1.5m last year, down from €2.3m in 2010, but listings in the online Property Price Register reveal that it sold for just 19.5% of its original price-tag, at a mere €450,000 this July 24.
The stunning property features six bedrooms and five bathrooms, and a private lake - and crucially had €1,850,000 shaved off its price.
The detached 6,000 sq ft residence on landscaped gardens boasts solid mahogany floors and kitchen units, pure filtered water in all taps, and a master bedroom with a walk-in dressing room and jacuzzi bath.
Its massive price-drop mirrors the fall of another expansive mansion in Co Limerick in recent years.
Winterwood. on the grounds of Adare Manor, sold for in the region of €1.5m, after having a guide price of €12m four years ago.
A couple from overseas scooped the cut-price deal for the eight-bedroom property bordering the famous golf club, after it was built for a well-known property developer who has now ceased his operations.
Somerton House was sold through Rooney auctioneers in the city, and was one of the most expensive properties on its books for a time.
The long-standing agents are still offering another substantial property in Crecora for sale - Kilpeacon House, a period property set on 32 acres for €1.2m.
While there is a decline of mega-mansions on the market, there are currently 36 properties across Limerick valued in excess of €750,000, among just over 3,000 properties available for sale in Limerick, via the property website Daft.ie.
Just six properties in Limerick have a price-tag in excess of €1m, and a number of these have had €1m or more slashed off their earlier guide prices in recent years.
Another impressive property, Quinville Abbey in Quin, Co Clare, a protected structure, has come on the market for €2.5m.
The country period residence dating from the 1700s comprises three storeys over garden level with 9,000 sq ft of “luxury accommodation”.
“The setting of Quinville Abbey at the end of a long gravelled avenue, in delightfully mature pleasure grounds, ensures privacy for the house and walled garden,” states the agents Savills.
“The surrounding land is renowned for beef fattening quality. It is laid out in seven walled paddocks, with extensive road frontage and is beautifully complemented with mature hardwood trees.
The house and approximately 47 acres may be purchased in one lot. Alternatively the house and immediate 12 acres may be purchased separately.