Carriglas, on the outskirts of Longford town, was one of those crazy Celtic Tiger developments that, in hindsight, looks rather silly today.

Will it get a new lease of life under new ownership?

Proposed by the late Longford developer Tom Kearns, the €160 million development on the 600-acre manor estate was to have comprised a huge luxury hotel, more than 300 houses, a golf course designed by Retief Goosen, a nursing home, a manor guesthouse, and a deer park conservation area.

The first sod was turned in 2006 by the then minister for finance Brian Cowen – not exactly an auspicious start – and the thing floundered in the crash and now lies half built, vandalised and unloved.

The Longford Leader this week reported that the sprawling mess, one of the largest single land holdings in the country, has been bought for less than €1.5 million by Glennon Brothers, a local timber processing company.

Glennon has revenues of about €100 million and shareholders funds of more than €50 million, so the brothers at least have the firepower to make something of it.