Ramsey Courthouse valued £75,000 lower than asking price
Ramsey Courthouse was placed on the market for £75,000 more than its value.
Treasury Minister Alfred Cannan revealed in Tynwald that a Government valuer assessed the property and grounds to be worth £400,000 last year.
The facility was listed on the open market with a local estate agent for £475,000 earlier this month, despite Ramsey Town Commissioners urging the Government to keep the property in public ownership.
Home Affairs Minister Bill Malarkey also gave his promise that the war memorial on the building's grounds will remain open to the public despite the sale.
The Commissioners have agreed to make a bid of £397,800 for the building - just short of the property's value.