The former Carnagh Country House Hotel in Keady, Co Armagh, has been sold for just £22,000.
The sale was made by online auction house, BidX1.
The five-acre site, which has been cleared at Castleblaney Road, had been advertised at a guide price of £10,000.
Previously, a hotel had been located on the site in the heart of the Carnagh Forest but had been extensively damaged in a fire a number of years ago.
In 2009, planning permission had been approved for a replacement hotel, restaurant and conference centre.
The Co Armagh property was part of BidX1's second UK auction which was held on April 26 and comprised 40 lots of commercial and residential listings throughout the UK.
It raised £2,087,000, posting a 70% success rate.
BidX1 founder Stephen McCarthy said: "Since our launch into the UK in March the platform has been rapidly gaining traction. The market is certainly responding to the more transparent and efficient model for auctions as we continue to challenge the status quo.
"The online platform is bringing high quality lots to a wider scope of buyers with successful results. We are continuing to break down barriers within the auction market as our model gains popularity, particularly among the private equity and fund management vendors who appreciate its benefits."
According to BidX1, another sought after property in Northern Ireland was a multi-unit residential property comprising three houses made up of three, four and five-bedroom accommodation, together with a 0.37-hectare site in Londonderry, which sold for £265,000 above the guide price of £200,000.
BidX1's online auction runs alongside Andrew and Robertson in-house auction business, with its next auction taking place on June 7 at The Montcalm Hotel, Marble Arch, London.