Distressed property auction called off after protests

The latest Allsop Space distressed properties auction has been cancelled because of a group of protesters. Over 120 properties including the Excise Building in the IFSC in Dublin were due to come under the hammer at the auction in the Shelbourne Hotel in Dublin.

Reports say there were racist tones in the chants of the protestors. The protests seemed to relate to two or three particular properties and also against a UK-based auction house trying to sell repossessed properties.

Among the lots were 33 houses and 26 apartments as well as a housing development and three apartment blocks. There were also 40 commercial property lots, including a shopping centre, with combined reserves totaling 12.1 million euro.

However the proceedings have been called off after protesters entered the hotel. The group had gathered outside the former headquarters of Anglo Irish Bank and Gardaí are at the scene.

Carol Tallon is author of Irish Property Buyers Handbooks and was at the auction. She says there are always a number of protestors at the auctions but there was a larger number of them today.

"Today the protestors were far more organised - they started outside Anglo headquarters, moved on to the Shelbourne and our understanding is that they're heading on to the Dail next" she said.

"There was about 150 (protestors) thereabouts, they seemed to have quite good support in the room - and they stopped all proceedings so the auctioneer was not able to introduce the lots and he was not able to proceed with the auction as they stood up and protested" she added.