The Jessbrook Equestrian Centre, which was seized by the Criminal Assets Bureau from convicted drug dealer John Gilligan, has been sold.

The sale included 80 acres of land, a showjumping arena with seating for 3,000 people, two stable blocks, offices and living quarters.

It has been sold as one lot to one buyer.

The purchaser, who is in the equestrian industry, paid almost €500,000 for the centre.

The money is to be handed over to the Department of Public Expenditure.

Contracts were signed this afternoon and the keys of the centre are to be handed over in the coming weeks.

The centre was the first property seized by CAB.