Farmer wins damages against auctioneers who overvalued land in 2007
on 20/09/2013 13:16:35
Partly as a result of the valuations, Frank Brownrigg of Crory, Ferns lost a €590,000 deposit on lands adjacent to his farm which he hoped to buy.
In 2007, Frank Brownrigg was told 47 acres of farm land near Enniscorthy was worth either €6.9m or near €11m.
But when he put the land on the market, his best offer was €1m.
This meant he could not complete the purchase of a farm beside his home in Ferns and he forfeited a deposit of €590,000.
He sued the auctioneers who gave him the valuations, but the High Court has found they are only half responsible for his loss and has awarded damages against them accordingly.
The auctioneers have been ordered to pay half of the deposit amount plus interest up until today. The exact final sum was not mentioned in court.
While Mr Justice John Hedigan found the €11m figure to be "hopelessly incorrect", he also concluded Frank Brownrigg "knew well there was a risk involved in buying before he sold" and so was in part the author of his own misfortune.