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Christopher Wiggins, 42, pleaded guilty to possession with intent to supply cocaine from South America believed to be worth more than 650 million euro (£580 million).
Wiggins, based in the Costa del Sol in Spain, pleaded guilty at a brief hearing in Cork Circuit Criminal Court.
Wiggins, was detained after Irish navy, gardai and customs swooped on the 60ft ocean-going boat, Dances With Waves, 170 miles off the west Cork coast last November. Intelligence agencies had tracked the boat for two months across the Atlantic.