An agent handling Michael Lowry’s "worthless" property investment in England said a buyer would do well to acquire it for less than €6.7m.
The agent was contacted by the Irish Examiner, posing as a potential buyer for the 22-acre tract on the outskirts of Wigan.
He said the property was unlikely to be included in a proposed employment park, but believed it would get permission for residential use in the future.
An indicative offer of £300,000 an acre for the developable portion of the site was put to the agent. He said it was in the region of what was acceptable in a poor market.
"[With the £300,000 offer], you are talking about development of 12 [houses] to the acre... So you are talking about £25,000 a plot which, let’s be honest about it, that is cheap. If you can get it for £300,000 an acre you are doing well.
"But everything has got a price," he said.
When the agent was contacted later to explain the true context of the original call, he said there was an agricultural value of £4,000 an acre (€110,000 in total) but, as with any investment, there was a speculative "hope value" linked to its likely rezoning.