Substantial price drops aren’t exactly a new phenomenon but it’s rare they are as substantial as the €1.3 million that has been shaved off the asking price of Chantilly, a restored Georgian farmhouse in Shankill, Co Dublin . It is on 1.85 acres with a swimming pool, spa suite, gymnasium and two apartments in its grounds.

It went on the market at the end of 2011 when the owner was asking €2.5 million but it is now being sold by the receiver Grant Thornton who has priced it at €1.2 million and is selling it through Hunters estate agents. One industry source who is familiar with the property said the original asking price was “unrealistic” but reckons the new asking price is set low to attract interest and the thinking behind it is, “let the market dictate”.

Chantilly was originally built in the Queen Anne style as the seat of the Tilly family, who founded Shankhill town and Rathmichael Parish Church, but was later modified in the Georgian and Victorian periods. The house was sensitively restored by its last owners. It is 444sq m (4,773sq ft) and comes with an extensive range of out buildings set around an attractive courtyard, including two apartments, one located in the old milking parlour; two garages; a wine cellar; workshop and storage shed.

The landscaped gardens have been restored and include shaded, gravelled walks; extensive lawns; mature trees; a working fountain; and an old sundial. The focal point of the property is a venerable and majestic 1,500-year-old oak tree which has watched over all the changes at the property since it was built.

Given the way prices have been rising in south Dublin, with comparable properties asking upwards of €2 million, it is likely to attract interest.