While the Smurfit Group may be facing hard times on the stock market, the good times continue to roll for chairman and chief executive Michael Smurfit. At a stage of life when most people are trading down to manageable homes with not too many stairs, the dapper Michael has just got planning permission for a £5 million (€6.3m) three-storey house overlooking the first green on his very own K Club in Co Kildare. Plans submitted to the local county council have a Versailles-like dimension. There will be no less than 20,000 sq ft of space, including six bedrooms, three gigantic reception rooms, a breakfastroom and extensive staff quarters. The site of almost 2.5 acres was picked up last year for a parltry £425,000 (€540,025) from the Jefferson Smurfit Group. The sale was approved at an extraordinary general meeting of the group. Shareholders subsequently kicked up a fuss because the site was not offered for sale on the open market.

Architect to the rich and famous Brian "The Body" O'Halloran came up up with a suitable grand design. The palazzo will be a safe distance from the new Arnold Palmer-designed golf course, which is currently under construction and will be ready for play in 2003. Here the club has sought planning for more than 75 apartments and houses but like Michael's site, these are unlikely ever to hit the open market. Most of the buyers of the original course were close business associates of the Group.