The Kerry mansion seized by the Criminal Assets Bureau last August sold for £1 million at auction in Killarney yesterday.
The sale of Clashnacree House, near Sneem, Co Kerry, took just over 30 minutes at the Great Southern Hotel.
The six-bedroom Victorian house was bought by Mr Sean Wyse, a property developer from Cork city.
There were four bidders for the property, which includes a tiny island, 20 acres of woodland and gardens, a lodge, stables, an outside swimming pool and a tennis court.
The bidding paused at £800,000, and after it resumed the house was finally withdrawn at £950,000, after which an agreement was reached with CAB officials.
Mr Wyse already has a holiday home in the area, at Oysterbed Pier, a short distance from Clashnacree House.
He declined to comment after the sale. But Mr Tom Spillane, a Killarney auctioneer told reporters on his behalf the house was for Mr Wyse's "own private use". He said his client was "very pleased with his purchase".
"He hopes to reinstate the house immediately to its former glory," said Mr Spillane. The 20 acres would not be developed for housing, he said.
Clashnacree House dates from sometime after 1845. It was built as a dower house for the Bland family, who had a castle alongside. The ruins of the large castle may still be seen on the nine-hole golf course of Parknasilla Great Southern Hotel, alongside Clashnacree.
The house was once the home of the architect James Franklin Fuller, a descendant of the Blands. It was seized from the assets of convicted drug dealer Jan Hendrik Ijpelaar (53).
Ijpelaar had paid £300,000 for the house in 1991.
"At the end of the day we achieved what we set out to achieve," said Mr Maurice Cohalan, the auctioneer who conducted the sale on behalf of the CAB.
The CAB were not prepared to go below £1 million for Clashnacree House, Mr Cohalan said.
The contents of Clashnacree are being sold separately.
The sale is subject to court approval.