Keating, and wife Yvonne, had faced opposition to their original proposals from neighbours.
But Fingal County Council has now granted permission for the three-storey build, located in the upmarket Abington Estate.
However, the luxurious house will be subject to tight conditions, laid down by the council.
The couple has been asked to fork-out around €90,000 on local infrastructural improvements.
The council has declined to discuss how the cash will be spent.
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An official said the payment represented "a standard development levy attached to all planning applications".
"It covers road, water and drainage, park schemes, libraries and regeneration in certain areas," added the spokesperson.
The "bulk and height" of the home has been altered, with plans for a second floor balcony and an "excessive" garage omitted.
Council planners told the Keating's their plans for the three-storey mansion were "out of character with existing permitted dwellings", owned by millionaire residents including Westlife's Nicky Byrne.
The height of their home has now been reduced from 12.7 metres to 10.4 metres.
The Keatings, who have homes in the UK and Ireland, already live in the desirable Abington Estate.
The couple were among the first residents to move into the estate in 2001 when they paid €2.79m for their six-bed home.
Full planning application has been approved for a new five-bedroom, three-storey dwelling house and a detached garage.
(PR/JM)
