HE owns sumptuous homes around the world and every other luxury item you could think of, and now Lord of the Dance creator and star Michael Flatley is poised to add another choice nugget to his list of holdings. Reports out of Ireland say that Michael will plunk down more than ?4 million for 56 acres on a Kerry island called Rossmore. The views are simply stunning - the Atlantic Ocean and the South Kerry coastline - and Michael has big plans to make it into what will undoubtedly be one of the most fabulous holiday homes in Ireland.

The piece of land is only a hop, skip and a jump - or, in Michael's case, a private helicopter ride - away from his Castlehyde spread in Co. Cork. According to the Irish Independent, Michael will hire architects to design a new place that respects the natural beauty and surroundings of Rossmore, but at the same time will have every mod con conceivable, including a pad for the helicopter.

Rossmore Island is connected to Kerry via a bridge, so Michael, his wife Niamh and baby son Michael Junior won't be completely cut off from the world. Sounds like an exciting project that will keep the family busy for quite some time.

Not that business isn't foremost on Michael's mind as well. On Tuesday it was announced that he's invested in a new video on demand portal called audiotube.com.

According to a press release, the new online platform harnesses the power of Web 2.0 to allow consumers to find, view and rate their favorite videos and post comments with ease. The company's one-click playlists also allow users to track and share their videos.

"I believe that Audiotube is going to be a great destination for people who share my passion for music and dance. It has long been my view that you have to give people the freedom to watch what they like when they like. Of course, if they want to share their tastes with others then this just enhances the experience even more," Michael said.

To be sure, this is no fly by night venture. One of Michael's partners in the deal is music mogul Chris Blackwell, the founder of Island Records who helped guide a little known band called U2 to fame and fortune back in the early 1980s.