Most of the house was adapted to grow cannabis with an elaborate ventilation system
Gardaí raided the home in Hazelbury Park, Dublin 15, at 7pm on Thursday.
Inside, gardaí discovered about 450 mature cannabis plants, which had an estimated street value of €400,000.
Much of the home had been converted to grow the plants, including what appeared to be an elaborate ventilation system.
Gardaí had obtained a warrant to search the suspected grow house on foot on intelligence.
The exact worth of the cannabis plants seized will be determined by further analysis.
A second follow-up search was conducted at a home on Cedarhurst Road, near Phoenix Park, Dublin 7.
During the search of this home gardaí seized a large number of luxury goods, believed to be bought with the proceeds of crime.
Items seized by gardaí included designer bags, shoes, jewellery and a 181 Mercedes-Benz vehicle. A freeze was also placed on a bank account which held more than €130,000.
A Garda spokesman said: “No arrests have been made at this time and investigations are ongoing”.