The money, which was the proceeds of crime, was found near Castleconnell almost two years ago.
John Duffy, Shanabooley Rd, Ballynanty, Limerick, pleaded guilty at Limerick Circuit Court yesterday to possession of €1,494,430 in Portcrusha, between Castleconnell and Montpelier, on December 14, 2013, knowing that it was the proceeds of crime.
The single charge under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 carries a maximum sentence of 14 years in prison.
Previously, it was revealed how the money was seized following a five-month long intelligence-led operation, targeting organised crime in Limerick City, which was headed up by the Divisional Drugs Unit.
The cash was discovered buried in bags on bogland, while some of the money was being dried out in a tumble dryer inside a container.
Anthony Sammon, defending, said that there was no objection to his client being remanded on continuing bail.
Judge Tom O’Donnell adjourned sentencing in the case until October 1.