In 2002, Madison Dearborm took over Smurfit Kappa and divested itself of the K Club. Michael Smurfit purchased the hotel and estate and acquired a further on the opposite side of the river for €115m in 2004, with the support of property developer Gerry Gannon. To fund this expansion 81 housing units were developed on the course and sold for €2.5m each. Michael Smurfit purchased Gannon's 49% stake in the K Club for €40 million in 2012 via the National Asset Management Agency after Gannon's assets had been brought to the attention of the National Asset Management Agency following Gannon's involvement in the Anglo Irish Bank hidden loans controversy.