This shock development leaves the Fianna Fáil Presidential Election strategy in tatters.
And poses serious questions for Jim Gavin's main backer, party leader Micheál Martin.
In a bombshell statement, Mr Gavin has confirmed he is withdrawing from the Presidential Election with immediate effect.
His statement came just hours after he failed to address an assertion that he had not repaid rent to a former tenant.
Mr Gavin told RTÉ's The Week in Politics that he did not know if that was the case.
He now says recent days had given him cause to reflect on his candidacy.
In the statement, he said he had made a mistake that was not in keeping with his character and that he was taking steps to address the matter.
Mr Martin said last night that he understood Mr Gavin’s decision and that it was the correct one.
But the party leader faces a torrid time explaining why his candidate was not fully vetted with questions too for Micheál Martin’s judgment.
The Presidential Election is now a two-horse race with Independent TD Catherine Connolly facing off against Fine Gael’s Heather Humphreys.
This leaves the dynamic of the contest completely upended.
