Businessman, Lochlann Quinn is understood to have bought one of the five paintings which, controversially, were about to be sold at Christies earlier this summer by the Beit Foundation, in order to provide a fund to maintain Russborough House, the Georgian house and estate in Wicklow.

Mr Quinn, who is travelling and unavailable for comment, is believed to have spent about €2m acquiring a painting by the 17th century Flemish artist, David Tenier the Younger.  

He is also understood to have written to other high net worth individuals to purchase the other four threatened paintings including two by Peter Paul Rubens.

Under current tax legislation, the State provides 80% tax relief for works of art purchased by private individuals and gifted to the State. It’s understood Mr Quinn will donate the painting he’s purchased to the National Gallery - he is a former chairman of the gallery.

The Beit Foundation had planned to sell the five paintings to help create a €10m endowment fund to provide ongoing financial support for Russborough.

The paintings were withdrawn from sale following controversy about their loss to the nation.

The chairperson of the Beit Foundation, Judith Woodworth, said at the time that the Foundation would require clarity about their future by October or plans would have to be made for their re-sale.