Three parties chase tech tycoon’s palatial Meath home

The 358-acre Corbalton Hall was withdrawn from auction at €9.5m

 Corbalton Hall, Co Meath, was withdrawn from auction at €9.5m on a guide price of €11m

Corbalton Hall, Co Meath, was withdrawn from auction at €9.5m on a guide price of €11m

 

He may have a personal fortune estimated at €500 million, but that doesn’t mean serial tech entrepreneur Pat McDonagh is about to let go of his beloved family home, Corbalton Hall, for anything less than it is worth.

It is understood that three parties are still in the hunt for the Riverdeep founder’s palatial Meath estate following its auction at Carton House Hotel last week.

The 358-acre Meath estate was offered for sale by joint agents Coonan Property and Goffs Property in three lots comprising (Lot 1) the residence and buildings on 131 acres for €8 million, (Lot 2) non-residential extending to 227 acres for €3 million, and (Lot 3) the entire for €11 million.

Unsurprisingly, it was the residence which attracted the interest of parties on the day. Willie Coonan opened the bidding for this lot at €5 million and three bidders engaged immediately, and drove the bid to €6.5 million where it was held.

There was no appetite for Corbalton Hall’s 227 acres of tillage land however, notwithstanding Meath’s standing as one of Ireland’s foremost farming counties. There was no bid for this lot on the day.

The lands proved more attractive however once they were offered for sale with Corbalton Hall as part of the entire estate. The three parties in pursuit of the main residence entered the fray for a second time, driving the opening price from €7 million to €9.5 million through a series of increases of between €100,000 and €500,000 per bid.

The auction was then adjourned and following discussions with the vendor it was decided to withdraw the property from auction.

Willie Coonan says the joint agents are in negotiations with the parties and are hopeful of negotiating a sale at an early date.

Located just outside the village of Skryne, near to Ratoath and Dunshaughlin, Corbalton Hall boasts one of the largest fields in the country – which is now a sweeping lawn as far as the eye can see. Since being acquired by Mr McDonagh, the property has undergone an extensive, sensitive and expensive restoration to bring it back to its former glory.