A Co. Wexford farmer has won damages in a High Court action against two auctioneers who overvalued land he wished to sell just before the property crash.

In 2007 Frank Brownrigg hoped to consolidate his farm holding at Ferns by buying neighbouring lands and selling off a farm he owned near Enniscorthy.

One auctioneer Aidan Leacy, trading as Phoenix Estates valued the 47 acres he wished to sell at between 10 and €11 million, another - Ben Kavanagh Auctioneers - valued it at €6.9 million.

But when the land went on the market, Frank Brownrigg's sole offer was around €1 million.

The offer was inadequate for him to complete the purchase of 150 acres of farm lands at Coolbawn and he had to forfeit the €590,000 deposit.

He sued the auctioneers alleging they had given him inaccurate and misleading valuations.

In his ruling today, Mr. Justice John Hedigan found the higher valuation bordering €11 million was prepared negligently and he called it 'hopelessly incorrect'.

However in relation to the farmer's reliance on the valuations, he has found that Frank Brownrigg 'knew well there was a risk involved in buying before he sold'.

'The market turned against him and he suffered the fate of many before', he said.

In Mr. Justice Hedigan's opinion, that makes the auctioneers only partly responsible for the unhappy loss of the deposit.

He has ordered them to pay damages amounting to 50% of the €590,000 deposit lost by the farmer - a sum that is now the subject of an AIB Bank judgment against Mr. Brownrigg. The auctioneers will also have to pay interest calculated up to today.