A STUD farm in Co Offaly owned by the late Sheikh Hamdan Al Maktoum was sold at auction for €6.8 million this week. The price equates to a huge €31,000 per acre for the 218-acre property.

Lumville Farm in Edenderry was sold by agents Coonan Property as part of a downsizing of the late Sheikh’s Irish estate. The auction took place at the K Club in Straffan, Co Kildare and auctioneer Will Coonan said bidding was brisk.

Bidding for the entire property, which included a manager’s residence, opened at €5.3 million. Four bidders soon took the price to €6.7 million where it was placed on the market, before it was sold for €6.8 million to an agent acting for an undisclosed buyer. It is not known if the property will be kept for equestrian purposes.

Will Coonan said: “Over the course of the sales campaign for Lumville Farm we experienced strong enquiries from local farmers to international buyers looking to acquire quality farmland in Leinster. This auction result is a great example of the demand for quality farms in the market today.”

Coonan Property is also handling the sale of Pickering Stud and Windgates Stud in Celbridge, Co Kildare, also owner by Sheikh Hamdan’s estate. They will be auctioned next Thursday, November 3rd, at the K Club.