Tech billionare John Collison plans to spend €6 million renovating a derelict property he bought for just €400,000.
The Stripe co-founder said he would make Millbrook House in Co Laois a “spectacular home” for family and friends visiting from around the world.
He was the successful bidder for the 9,000sqft period home, built in 1885, after Laois County Council put the derelict property up for sale last summer.
Read More: Inside Strictly's Gorka and Gemma's posh pad with huge kitchen and hot tub in the garden
In a personal letter accompanying his bid, John Collison wrote: “We are already investing at the Abbeyleix Estate with a mindset of being stewards of this property for the coming generations.
“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.”
Mr Collison, 31, had already purchased Abbeyleix House, a mansion next door to the derelict property, for €11.5 million last year.
According to the bid his company Comhlacht na Feirme Ltd plans to commit €6 million towards what was described as a “complete renovation and restoration”.
It explained how the three-storey house had fallen into “considerable disrepair” with the roof, walls, and window openings badly deteriorated due to neglect and “intentional vandalism”.
It said: “The building is in immediate need of stabilisation and repair to halt decay and to prevent [the] further loss of historic fabric.
“Urgent measures are considered necessary.”
The bid said the existing roof was beyond repair and that a temporary roof would need to be erected above the building to protect its structure.
It said this would allow for safe access to carry out surveys to ensure an “historically accurate” reconstruction – with the project taking 18 months to complete.
An overview of costs said around €260,000 would be spent on emergency remedial works with almost €4 million to be spent on the main restoration of the house.
A further €379,000 is to be spent renovating and refurbishing stables on the 1.7 hectare estate with around €84,000 to be paid for surveying and planning.
A 5% “inflation allowance” of €472,000 was also included in the bid bringing it to a total of around €5.2 million before VAT was included.
The bid also included an acknowledgement that if the property was not protected within a “reasonable period of time” that it would be returned to the register of the derelict sites by the local authority.
Laois County Council had originally refused to provide access to the winning bid following a request under FOI.
Following an appeal to the Information Commissioner – as part of which the Collisons were consulted – the council agreed to release most of the record with only a small amount of personal information withheld.
John founded global payments firm Stripe with his older brother Patrick, 33, in 2010 – with the company recently valued at $95billion.
They grew up in Dromineer, Co Tipperary and went to secondary school in Castletroy College, Limerick.
Patrick Collison won BT Young Scientist at the age of 16, and went on to marry Silvana Konnerman, who beat him for the top spot in the EU Young Scientist competition in 2004.
READ NEXT:
- Ryan Tubridy explains Vicky Phelan's absence on Late Late Show as health update shared
- 174 football fans killed in mass riot involving tear gas as league suspended
- Met Eireann's good news for all but two areas this weekend before grim change next week
- Full list of energy companies hiking bills this weekend as customers rush to submit meter readings
- Disabled mum describes nightmare as her Ryanair flight takes off as she watched from special assistance vehicle
Get breaking news to your inbox by signing up to our newsletter
