He paid 8 million euros, or roughly $10 million, for the 32,668-square-foot granite Victorian Gothic bastion, built in the 1860s. That’s about a third of what it sold for in 2006, near the height of the boom in the Irish economy. That year, it was bought for 25 million euros by an Irish real estate developer, Lalco Holdings, which had planned to develop it as one of Ireland’s leading luxury resorts with golf course included. That scheme was shattered after the real estate bubble burst in 2008.
Mr. Malone, who has tracked his heritage back to an ancestor who arrived in Pennsylvania from Ireland in the 1830s, is among an increasing number of Americans with deep pockets returning to their Irish roots to buy castles and manor houses at distressed prices — with cash.
You can read more in an article by Kerry Hannon in the New York Times at http://goo.gl/7w9kAZ. (You will have to wait for an advertisement to finish, however.)