BILLIONAIRE JP McManus has called time on the country's biggest charity fundraiser.
His Pro-Am golf event which brought the world's best golfers and A-list stars to Limerick every five years and raised over €100m for charities will not go ahead next year.
The first event in 1990 was a far more modest affair than the last in 2010 which was attended by Tiger Woods, Michael Douglas, Catherine Zeta Jones and Samuel L Jackson and raised €43m for charities.
The decision to end the invitational tournament is understood to have been made in recent days by McManus (63) after he held meetings with close associates involved in its running.
The country's tax residency laws have been cited as a major sticking point for McManus as it limits the time he can spend organising the star-studded spectacular while in Ireland.
McManus – who runs his successful business as a tax resident in Geneva – must spend less than 183 days a year in Ireland or 280 days over two years.
The JP McManus Invitational Pro-Am quickly established itself as the biggest single fundraising event for charity in this country.
In McManus's native Limerick, the two-day event reached legendary status as hundreds of organisations and groups benefited from the millions raised.
In the heady days of 2005, a black tie auction at a gala dinner – attended by the country's elite businessmen and politicians – saw lavish sums paid for numerous prizes with all proceeds going to charity.
Local businesses benefited immensely with no expense spared on the partners of Hollywood movie stars.
However, it has now emerged that the 2010 event.
Mr, McManus indicated a year ago that the country's tax residency laws would influence any decision he made.
"It takes an enormous amount of time and now we have less time than we had a few years ago – the rules have changed. Once you're here over midnight, it counts as two days. Before, it was one.
"So if I come in at 7pm and go out at seven in the morning that counts as two days here.
"They have to do whatever they have to do, but I don't know how much they achieve by it," he said.