Sitting tenants in 120 Dublin City Council flats are claiming a declaration that would allow them to purchase their homes for an average of €7,500 each.
The flats are now valued conservatively on the open market at €350,000 each, making the complex worth €42,000,000.
Mr Justice Esmond Smyth yesterday began a two-day hearing involving the tenants in eight of the apartments at O'Rahilly House, Ringsend, Dublin.
James Macken SC, for the residents, said their claim was that in 1988 they were told by Dublin Corporation they could buy their homes. Having replied to the local authority, they were informed in 1990 the price would be in the region of €19,000, reduced to approximately €7,500 because of their extended tenancies.
Mr Macken said the authority withdrew the scheme in 1995 and his clients were claiming specific performance of the agreement they alleged the council had made with them.
Samuel Mateer, one of the tenants, said he and his wife, Frances, had lived there since 1981. In the late 1980s, when they realised they would be able to buy their apartment, they had carried out a lot of work to it.
George Brady SC, for Dublin City Council, said that since 1995, the council had carried out extensive refurbishments to the complex. At the time of the offer, the apartments were in very poor condition.The case continues.