Askeaton Abbey, like most of the ruins of the old castles, abbeys and churches in the county of Limerick had its origin in the wealth and power of the Desmonds, the noble Geraldine princes. It was founded in 1420 by James, seventh Earl of Desmond, for conventual Franciscans, and in 1490 was reformed by the Observantine friars. A chapter of the order was held in the sacred edifice in 1564. After the overthrow of the Desmond power in the reign of Elizabeth, the abbey shared the general fate of the Irish monasteries. An unsuccessful effort to restore it was made by the confederated Catholics in 1648; and though it has since been left to decay, it is, still in a fair state of preservation. The windows, arches, and other portions of the structure attest its former beauty and grandeur. The transept contains many ancient tombs, among them that of James, fifteenth Earl of Desmond, who died, 1558.
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