The council said the land had wrongly been “deemed at the time to be surplus to requirements”.
Mr Mosley said: “The council’s intention back in 2017 was to sell a piece of land that it saw as not needed, in order to raise funds to support and develop town council facilities throughout the Bagley area and in other parts of the town.”
It was never the council’s plan to sell off other parts of land in Greenfields, he explained.
The council said it now has a “rigorous policy” and strict guidelines to ensure a similar situation cannot happen again.
It also said it used the money it received from the sale of the land, plus interest accrued, for the purchase, meaning the net cost was £600,000.
The council said it had no plans to increase taxes and hoped to recover more of the costs by pursuing compensation from “other parties we believe are responsible for the errors in 2017”.
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