McCarthy was created 1st Earl of Clancare and 1st Baron of Valentia in the Peerage of Ireland on 24 June 1565.
[2] McCarthy renounced his title as Earl of Clancare in 1569, having joined the first Desmond Rebellion with James fitz Maurice Fitzgerald.
[2] His son Teige died in 1587, leaving him without a male heir.
In 1588 he sold the McCarthy clan estates to Sir Valentine Browne.
He died without surviving male issue and was buried at Murcuss Abbey.