We present a quantum Monte Carlo study of the solvation and spectroscopic properties of the Mg-doped helium clusters MgHen with n=2-50. Three high-level [MP4, CCSD(T), and CCSDT] MgHe interaction potentials have been used to study the sensitivity of the dopant location on the shape of the pair interaction. Despite the similar MgHe well depth, the pair distribution functions obtained in the diffusion Monte Carlo simulations markedly differ for the three pair potentials, therefore indicating different solubility properties for Mg in He-n. Moreover, we found interesting size effects for the behavior of the Mg impurity. As a sensitive probe of the solvation properties, the Mg excitation spectra have been simulated for various cluster sizes and ...