Kilcurry native Dr Edward Haughey was killed in a helicopter crash in east England last night.
The businessman, who was better known as Lord Ballyedmond, was one of four passengers on the civilian helicoptor which crashed around Norfolk at 7.30pm.
A spokesperson for Norfolk Police has stated that all are believed to have died in the crash.
The helicoptor is believed to have been travelling to Northern Ireland where Dr Haughey lived at Rostrevor, Co Down on the shores of Carlingford Lough.
The businessman, who turned 70 this year, was founder and owner of veterinary pharmaceuticals giant Norbrook and is Northern Ireland’s richest businessman worth an estimated £650m (€780 million). The Sunday Independent also named him as the 29th richest man in Ireland in their rich list last week.
Norbrook employs 1,300 people worldwide with the majority of them employed at Newry based Norbrook.
Dr Haughey is a former student of the CBS and the computer laboratory,tech graphics and home economics building at the now Colaiste Ris school is known as the Haughey building as the former pupil made a sizeable contribution to the cost of its construction a number of years ago.