The cottage made famous in the film The Field and 30 acres of farmland in scenic Leenane, Co Galway, which was expected to fetch more than £300,000, was withdrawn at auction yesterday after failing to attract a bid higher than £250,000.
However, negotiations were still under way yesterday evening between the auctioneer and the two main bidders.
The auction itself generated considerable excitement.
While a total of only five bids were made on the property, more than 200 people turned up at the Castlecourt Hotel to witness auction proceedings, and management was kept busy supplying additional chairs for interested parties arriving all the time.
A Westport auctioneer, Mr John Judge, assisted by Mr Gerard Morahan of Morahan solicitors, declared he had no option but to withdraw the property as the reserve price had not been reached.
The property, he said, would be sold by negotiation over the next few days instead.
After asking for an opening bid of £300,000, the auction finally started at an opening bid of £200,000, and just four more bids in increments of £10,000 were made between two parties before the property was withdrawn.
Expressing surprise that the reserve price had not been reached, Mr Judge said afterwards that he was confident of selling the property by negotiation for more than £320,000.
The traditional Irish cottage in question had been chosen from cottages all over Ireland to feature in the Oscar-nominated film, The Field, he said.
He added that it was a very substantial hill sheep farm which could attract EU headage and REPS grants totalling an annual £22,000, although fencing may pose a problem.
It also included a sixth share of 4,400 acres of commonage, he said.
If successful in securing the property, one of the bidders, Mr Sean Foy, said he planned to preserve the cottage in its traditional style, but enhance it and open it for tourist purposes.