Limerick billionaire to spend millions to turn derelict mansion into 'spectacular home'

LIMERICK-educated technology mogul John Collison is planning to invest millions of euro in a period home which he bought in a derelict condition for €400,000.

Educated at Castletroy College, 31-year-old Mr Collison went onto found global payments firm Stripe with his brother Patrick, making the pair billionaires in the process. The company is lately valued at $95bn.

He purchased the landmark Millbrook House in Co Laois for €400,000, and now plans to spend €6m into making it what he described as a "spectacular home" for family and friends visiting from around the world.

A 9,000 square foot period home, it was built in 1885, but in recent years has fallen into disrepair, forcing the local authority in the midlands county to put it up for sale last summer after acquiring it.

Mr Collison, pictured above, said he and his family have the "mindset of being stewards of this property for the coming generations."

BREAKING: Two charged over death of young boy at house in Limerick city

"The Abbeyleix Estate is a keystone piece of Laois history and deserves careful guardianship. We would be delighted to extend this approach to Millbrook House and we hope our offer is of interest," he stated in documents released to Ken Foxe under Freedom of Information legislation.

A Victorian property, Millbrook House is situated in 4.2 acres of gardens which includes a mill pond.

It extends to approximately 9,004 square foot over three floors.

A protected structure, agents marketing the property last year warned: "It is in very poor condition internally and requires total refurbishment."

"There is also a coach house building included in the sale which is in good general condition and may be suitable for conversion," they added.

It is located on the De Vesci Estate, 2.5km from Abbeyleix, 17km from Portlaoise and 17km from the M7 which links Limerick to Dublin.

It was originally built as a steward’s house, and is set back from the road on its own grounds comprising 4.2 acres in total.

It's not the first time the entrepreneur has invested in the area. He also purchased the neighbouring Abbeyleix House, a mansion next door to the derelict property, for €11.5m last year.

The brothers grew up in Dromineer, Co Tipperary and went to secondary school in Castletroy College.