This phrase is used when referring to a wealthy individual usually far more wealthy than his neighbours in the Parish. He his said to have more land than the Parish Priest, therefore making him wealthy indeed.
Usually said after saying something smart or intelligent.
A longer version of the sentence is 'Up here for thinking, down there for dancing, out there for shaking and down here for making' Usually one would point to their head then feet for the shortened sentence. If lengthened one should then shake their hands and then point to their mid section while saying the last two things.