Ireland’s latest distressed property auction has generated $23 million in revenue with many properties sold at knockdown rates.

A large period house on the prestigious Ailesbury Road in Dublin which could have fetched $14million at the height of the Celtic Tiger boom was sold for just $3.36million.

The property had gone under the hammer with a reserve of just $2million.

The house was sold within seven minutes with an unnamed telephone bidder securing the home, in need of refurbishment, for just $3.36million.

Estate agent Stephen McCarthy of Space said: “Like the auction in April, there were many buyers who secured properties at unprecedented prices.

“The results firmly establish that there is a market for property at the right price. We remained quietly confident about the success of this auction as Irish and international bidders are looking for real value - our approach brings real value to market.”

A red brick house on the north side of the city also generated huge interest. The property, situated on Iona Road in Glasnevin, had a reserve of $515,000 but sold for just over a million dollars.

The Irish Times reports that all but five of the 87 properties on offer were sold with the majority going for substantially more than their reserve prices although the auction was more low key that the first distress sale back in April when crowds spilled onto the street outside the hotel.

The latest action attracted more than 800 people to the Shelbourne with another 50 telephone bidders from locations in Dubai, Hong Kong, Singapore, Switzerland, Australia, France and London.

Auctioneer Gary Murphy even raised a laugh on the day when he informed one bidder that he had in fact bid against himself for a pub in Portumna, which eventually sold for $286,000 and more than four times the reserve.

The Times reports that a large terraced house on Villiers Road, Rathgar, Dublin, and a four-bedroom bungalow on almost an acre in the foothills of the Dublin Mountains were among the other highlights.

The paper states that Rathgar house, divided into five self-contained flats, sold for €450,000, €45,000 below the advertised maximum reserve.

In other deals, a pub in Waterford city centre with a reserve of €185,000 sold for €232,500, while a large detached house on the outskirts of Kilkenny with a maximum reserve of €410,000 sold for €440,000.

Buyer Gerard Maloney and his partner Mathieu Leguet told the paper they were delighted to have bought a two-bedroom apartment in Glasnevin for $79,000, the reserve price.

“It was my first ever auction and to put it mildly I was very nervous,” said Maloney.

“It was the only property we had any interest in and we were sure it would go for substantially more than €55,000 so we are absolutely thrilled.”

The next Allsop/Space distressed property auction takes place in Dublin in September.