Thursday 14 December 2017

JP McManus, dubbed ‘The Sundance Kid', started life as a bookie but soon switched his attention to currency and bond markets. McManus, a tax resident of Switzerland, conducts his currency operations from his trading nerve-centre in Geneva.

McManus often invests with John Magnier and the pair, along with Dermot Desmond, control the 1bn-valued Sandy Lane beach-front resort in Barbados, having bought it with a consortium in 1998. They also own a 23pc stake in Britain's biggest pub company M&B, though the chain's shares have dipped over the last year.

The pair have made good money from their stake in nursing home business Barchester, which had shareholder funds of 130m by the end of 2015. In December, Magnier and McManus sold an office and retail building on the exclusive Place Vendome in Paris, beside the Ritz Hotel, for 1bn, with a reported profit of 350m on the deal.

McManus also owns one of Ireland's biggest private residences, a huge neo-Palladian home at Killmallock, Co Limerick. The racehorse-owner and his wife Noreen also own a home on the so-called Millionaires' Row of Ailesbury Road, where Noreen won a planning battle with neighbours in November to further extend the property.

McManus spent close to 30m in 2015 to buy Adare Manor, the luxury hotel and golf resort where he hosts his world famous and celeb-laden Pro-Am for charity. Various reports have stated that he is currently investing from 30m up to 50m on revamping the resort, with a view to staging the Ryder Cup there in 2026. McManus, known for helping charities and good causes in his native Limerick, also invested 10m in a planned new rugby visitor centre for Limerick, headed up by former Ireland and Munster captain, Paul O'Connell.

Last year, a Revenue statement estimated that the tax exile has paid no income tax or capital gains tax in Ireland in 20 years. In recent weeks, he lost a US legal action to recover $5.2m (4.9m) in tax withheld from his winnings on a three-day backgammon match.

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