This week the Irish Times reported that a property for sale has had it's price cut. Last June the family of businessman Tony Ryan, who died in 2007, had put his 600 acre Co. Kildare estate on the market. The family were hoping to get €80m for the "Georgian stately home" and surrounding lands.

According to the Irish Times Ryan {photo} had spent millions on repairs and refurbishments and "threw all his energies into creating one of the finest estates in the country" after he acquired the property in the 90s.

However, Ryan's family learned the same lesson that thousands of Irish home-owners have learned in recent years. This is not a seller's market.

This week the family announced that they have reduced the asking price to €50m. Obviously, that represents a significant cut in the price. However, if you happen to have some spare cash around and you think you might like a 600 acre estate in Ireland you might want to consider this: the decline in the price as measured in dollars is even greater. Last June the Lyons Estate would have cost you $112m. Today it can be had for a snip at $61.4m - a 45% savings.

How can you resist?