The well-known Tinarana House Resort and Spa, set on almost 300 acres (122 hectares) at Killaloe, has been sold to a Limerick city investor and businessman, in a multi-million euro deal.
The substantial property in Killaloe was sold for an undisclosed sum.
The house is owned by Dr Pascal Carmody, the non-practising east Clare doctor who was handed down a 10-month suspended sentence in 2005 on nine charges relating to the unauthorised sale and supply of prescription-only medicinal products.
When contacted, the purchaser, who wished to keep a low profile, asked not to be identified until he had put plans in place. He said he had not yet made a final decision on the future of the mansion and surrounding lands.
When pressed on the price he had paid, he replied that it was a private matter.
"I am currently involved in talks with a number of other investors," he said, "and I expect to be in a position to reveal intentions within a month or so.
"I am excited about this venture."
Prominent Limerick auctioneer Pat Kearney, managing director of Rooneys, who was not associated with the sale, said negotiations had been hush-hush.
"This is one of the most valuable tracts of land in Ireland, situated on a hill and overlooking Lough Derg. It has endless possibilities.
"Dr Carmody operated a clinic there and it was also used for weddings, stag parties and a host of other events. The land alone has huge potential, sites in the general Killaloe area are the most expensive in Ireland, with film stars and other celebrities queuing up to buy."
Mr Kearney said he was not sure if there was a conservation order on part of the property he had acquired.
According to the Tinarana House website, it is set on woodland and open countryside inhabited by red and fallow deer, pheasant and a variety of wildlife in their natural habitat.
One source said the house could be retained and marketed as a hotel or nursing home, with the land set for the development of exclusive homes.
Dr Carmody, who is believed to have substantial property interests, is owner of the former Mount Trenchard convent and adjoining lands at Foynes, Co Limerick, which he bought in 1996.
A native of Moyvane, Co Kerry, he is also well known in horseracing circles.