Sean Quinn has dismissed claims that he has left the Republic to move to a new home in Co Fermanagh.
The bankrupt businessman was seen at his sprawling mansion just outside the Cavan village of Ballyconnell last week.
The huge home at Grousehall overlooking Aghavoher Lough has been the subject of intense speculation in recent weeks amid claims Mr Quinn had quit there for a new life in his native Fermanagh.
But, last week, Mr Quinn's car was parked at the house and he was seen briefly entering through a back door.
"He (Sean) has been away a lot recently, especially in Dublin but he hasn't left Ballyconnell," said a close friend.
"He has been there all week but he is aware of rumours now for about three months that he had moved elsewhere.
"He's even been spotted living in Sligo, apparently. This is turning into real Ned Kelly stuff," said the friend.
Although he was born and raised in Derrylin, about four miles away in Northern Ireland, Mr Quinn has lived in Ballyconnell for the past three decades.
His home is half a mile from the Slieve Russell Hotel, which his youngest daughter Brenda (25) once owned and later lost during the collapse of the various family companies.
There was no answer from the intercom security system at the Quinn family home.
But the friend of Mr Quinn said: "There's usually a member of your lot (the press) sitting outside, so Sean tends to stay at the back of the house. He's not doing interviews at this moment."
Last week, Mr Quinn issued a statement to Northern Sound radio station questioning the estimated ?1.6bn liabilities of Quinn Insurance.
"I believe that history will ultimately demonstrate that the deal between Anglo Irish Bank and Liberty Mutual will be recognised as the worst possible outcome for the State," he said.