Former Wall Street banker spent about €20 million restoring his family's Irish castle; 25 years later, Castle Freke is still unfinished
More than two decades after Stephen Ralfe Evans-Freke brought Castle Freke back into his family’s ownership, the West Cork estate is still undergoing restoration. Evans-Freke, a retired Wall Street investment banker, bought the ancestral property around the turn of the millennium, after the Evans-Freke family had owned it for generations before losing it in 1921. He suggested to The Irish Times in 2025 that he had paid less than €500,000 for the property. The much larger expense has been the restoration itself: he estimated that he had spent between €500,000 and €1 million a year over roughly 20 years, putting the total at €10 million to €20 million. By June 2026, the Irish Examiner reported that Evans-Freke estimated the project had cost about €20 million while Castle Freke remained only partially complete.
From family property to a long restoration project Evans-Freke first knew Castle Freke as a child. The Irish Times reported that he retained a connection to the house throughout his life, including carrying an oil painting of the property with him. Evans-Freke later moved to the United States, where he worked as an investment banker on Wall Street.
The Irish Times places his repurchase of Castle Freke around the turn of the millennium, while the Irish Examiner's 2026 account also describes it as a return to family ownership more than 25 years earlier. Restoration began in 2004. Evans-Freke also owns nearby Rathbarry Castle, which has been another base for the family. Rather than following what he described as the conventional approach of putting the entire project into the hands of construction firms, Evans-Freke assembled a smaller team to oversee the work. He assembled a smaller team to oversee the restoration, bringing in specialist tradespeople for the work. Evans-Freke also said an architectural firm had quoted €1.5 million to detail the proposed works.
Stonework, chimneys and decorative interiorsThe Irish Times described Castle Freke as a 50,000-square-foot property, with Evans-Freke saying restoration had focused on roughly half of that area. Work has included relining more than 40 chimneys, repairing battlements after their lead was removed in the 1950s and repairing external walls. The interiors have required similarly specialised work. Restoration of the fan-vaulted ceilings in the music room began around 2017, according to The Irish Times. The project has involved specialist stuccodores, including Kevin Holbrook, whose work includes elaborate decorative schemes created specifically for the restored interiors. Both were reported to have been appointed master plasterers of the Worshipful Company of Plasterers, a City of London livery company with a history stretching back about 500 years. The Irish Times also reported that Keogh was the first woman to hold the master plasterer title in the company's history. The decorative programme incorporates references to Evans-Freke and his family's background. A frieze depicts him as a rotund mole holding a martini glass, while the Children of Lir appear above the staircase. Another stucco scene depicts the Lady of the Lake presenting Excalibur, and a separate work shows the Norse god Odin with his wolves, including one named Freke. The Irish Times linked these elements to different aspects of the family's heritage.
Why Castle Freke is still unfinishedDespite the years of work, the restoration has not reached completion. The Irish Times reported in June 2025 that utilities still needed to be installed and that parts of the interior, including a bedroom floor and half-basement, remained unfinished. At that time, Evans-Freke estimated that the main block could require another three years once its eventual use had been decided. The Irish Examiner reported a year later that he expected the project to take several more years at a minimum.
A hotel is one possibility Evans-Freke has floated for the property. The Irish Times reported that he had carried out a feasibility study into a super-luxury hotel, while the Irish Examiner said he had suggested that a five-star hotel could give West Cork a facility he believes the area needs. The property's final use has not been settled. The restoration's cost has risen far beyond the amount Evans-Freke suggested paying for the property itself. By his own estimate, the work had cost between €10 million and €20 million by 2025, based on annual spending of €500,000 to €1 million over roughly two decades. The Irish Examiner reported in June 2026 that he put the figure at about €20 million. He has also said that he received no grant aid for the restoration.
CastleFreke Gin turns the restoration into a second ventureThe restoration has also provided the setting and inspiration for a separate business. Evans-Freke developed CastleFreke Gin after years of experimenting with botanicals and spirits. The Irish Times reported in 2025 that he had begun developing the recipe while recovering from foot surgery about a decade earlier, using the dining table at Rathbarry Castle as a place to experiment. By June 2026, the gin had moved from development to commercial launch. The Irish Examiner reported on June 14 that Evans-Freke had launched CastleFreke Gin in New York the previous weekend. A June 5 announcement from Castle Freke Distillery also confirmed the US debut and said US distribution would begin in July.
The Irish Examiner reported at the time that an Irish and European launch was scheduled for the following month. However, the distillery's current website and recent company updates now say availability in Ireland and the UK will follow later in 2026, so a completed Irish launch should not be stated without a more specific confirmation. Castle Freke therefore remains both a restoration project and the centre of a newer family-branded business. More than 25 years after Evans-Freke returned the property to family ownership, substantial work has been carried out on its structure, stonework and interiors, but the building is still not finished and its eventual use remains undecided.
From family property to a long restoration project Evans-Freke first knew Castle Freke as a child. The Irish Times reported that he retained a connection to the house throughout his life, including carrying an oil painting of the property with him. Evans-Freke later moved to the United States, where he worked as an investment banker on Wall Street.
The Irish Times places his repurchase of Castle Freke around the turn of the millennium, while the Irish Examiner's 2026 account also describes it as a return to family ownership more than 25 years earlier. Restoration began in 2004. Evans-Freke also owns nearby Rathbarry Castle, which has been another base for the family. Rather than following what he described as the conventional approach of putting the entire project into the hands of construction firms, Evans-Freke assembled a smaller team to oversee the work. He assembled a smaller team to oversee the restoration, bringing in specialist tradespeople for the work. Evans-Freke also said an architectural firm had quoted €1.5 million to detail the proposed works.
Stonework, chimneys and decorative interiorsThe Irish Times described Castle Freke as a 50,000-square-foot property, with Evans-Freke saying restoration had focused on roughly half of that area. Work has included relining more than 40 chimneys, repairing battlements after their lead was removed in the 1950s and repairing external walls. The interiors have required similarly specialised work. Restoration of the fan-vaulted ceilings in the music room began around 2017, according to The Irish Times. The project has involved specialist stuccodores, including Kevin Holbrook, whose work includes elaborate decorative schemes created specifically for the restored interiors. Both were reported to have been appointed master plasterers of the Worshipful Company of Plasterers, a City of London livery company with a history stretching back about 500 years. The Irish Times also reported that Keogh was the first woman to hold the master plasterer title in the company's history. The decorative programme incorporates references to Evans-Freke and his family's background. A frieze depicts him as a rotund mole holding a martini glass, while the Children of Lir appear above the staircase. Another stucco scene depicts the Lady of the Lake presenting Excalibur, and a separate work shows the Norse god Odin with his wolves, including one named Freke. The Irish Times linked these elements to different aspects of the family's heritage.
Why Castle Freke is still unfinishedDespite the years of work, the restoration has not reached completion. The Irish Times reported in June 2025 that utilities still needed to be installed and that parts of the interior, including a bedroom floor and half-basement, remained unfinished. At that time, Evans-Freke estimated that the main block could require another three years once its eventual use had been decided. The Irish Examiner reported a year later that he expected the project to take several more years at a minimum.
A hotel is one possibility Evans-Freke has floated for the property. The Irish Times reported that he had carried out a feasibility study into a super-luxury hotel, while the Irish Examiner said he had suggested that a five-star hotel could give West Cork a facility he believes the area needs. The property's final use has not been settled. The restoration's cost has risen far beyond the amount Evans-Freke suggested paying for the property itself. By his own estimate, the work had cost between €10 million and €20 million by 2025, based on annual spending of €500,000 to €1 million over roughly two decades. The Irish Examiner reported in June 2026 that he put the figure at about €20 million. He has also said that he received no grant aid for the restoration.
CastleFreke Gin turns the restoration into a second ventureThe restoration has also provided the setting and inspiration for a separate business. Evans-Freke developed CastleFreke Gin after years of experimenting with botanicals and spirits. The Irish Times reported in 2025 that he had begun developing the recipe while recovering from foot surgery about a decade earlier, using the dining table at Rathbarry Castle as a place to experiment. By June 2026, the gin had moved from development to commercial launch. The Irish Examiner reported on June 14 that Evans-Freke had launched CastleFreke Gin in New York the previous weekend. A June 5 announcement from Castle Freke Distillery also confirmed the US debut and said US distribution would begin in July.
The Irish Examiner reported at the time that an Irish and European launch was scheduled for the following month. However, the distillery's current website and recent company updates now say availability in Ireland and the UK will follow later in 2026, so a completed Irish launch should not be stated without a more specific confirmation. Castle Freke therefore remains both a restoration project and the centre of a newer family-branded business. More than 25 years after Evans-Freke returned the property to family ownership, substantial work has been carried out on its structure, stonework and interiors, but the building is still not finished and its eventual use remains undecided.
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