FIVE CORNWALL Council-owned lock-up garages off Hanson Drive, Fowey, have sold for over four times their guide price.
The freehold sold for £87,000 from a guide price of £15,000-£20,000 after a hotly-contested bidding war which was won by an unnamed buyer.
Auctioneer Scott Gray, a regular on BBC's Homes Under the Hammer, said: "There was fierce bidding for these garages which could be a small-scale rental investment or an alternative development scheme subject to all the necessary consents being available."
Sally Bain, Cornwall councillor for Fowey, said that the astronomical prices that landowners were willing to pay was symptomatic of an ongoing problem in the area.
"A great deal of prices in Fowey are ridiculously high and are driving the young and not so well-off out of town.
"It concerns me a great deal."
Ms Bain also said she was worried that the practicalities of potentially developing the garages, which stand on the north western tip of the car park, could further compromise what is already limited space for drivers in Fowey.
"I wouldn't want to see Fowey lose any of its parking," Councillor Bain said.