Mayo County Council has acquired Moorehall House and Estate from Coillte.
The site is the ancestral home of president of the Republic of Connacht John Moore, and the renowned Moore family of writers.
The site is also associated with the 1798 French intervention, the Civil War and the Irish literary renaissance of the late 1800s and early 1900s.
The council intends to develop the historical site into a “nationally important” nature reserve and tourist attraction “for the benefit of the people of Mayo and the nation”.
The acquisition includes the house, a courtyard and a walled garden, along with 80 acres of woodland overlooking Lough Carra.
Minister for Rural and Community Development Michael Ring said the benefits of the project will "seep into rural villages and towns.
"This project will complement existing tourism attractions in the area, including Ballintubber Abbey, Lough Carra and historic Ballinrobe. "
The council said the natural, built and cultural heritage of Moorehall will be protected “yet developed and managed in a sustainable manner for current and future generations”.
“Moorehall is a place of exceptional history, going back many generations, the remnants [of] which are still visible on its historic landscape,” said Mayo County Council cathaoirleach Richard Finn.
“The acquisition of Moorehall by the council will ensure that the heritage of Moorehall is preserved not just for this generation but for future generations,” he said.
A masterplan for the project will be developed in consultation with stakeholders and the local community, but will include further conservation measures, the restoration of the walled garden and the development of a recreational park.