An Irish Businessman And Racehorse Owner: J. P. McManus Net Worth

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An Irish Businessman And Racehorse Owner: J. P. McManus Net Worth

He and his wife, Noreen, bought Martinstown Stud in County Limerick in 1982, and he also bought his first horse, “Cill Dara.” He went on to create the empire he has today, which includes 400 horses in training.

McManus’ first victory came at Cheltenham with a horse named “Mister Donovan.” “Istabraq,” a three-time Champion Hurdle winner, is the most famous of his horses.

Tony McCoy, an eighteen-time champion jockey, is McManus’ stable jockey, while Jonjo O’Neill, a former champion jockey, trains some of his horses at the Jackdaws Castle facility, which McManus also owns.

Aside from his activities as a racehorse owner, McManus has amassed a sizable fortune as a private foreign currency dealer, which he manages from a modest office in Geneva, Switzerland.

An Irish Businessman And Racehorse Owner: J. P. McManus Net Worth

Geneva is also his official residence and the location where he spends the majority of his time. McManus was diagnosed with cancer in late 2008. Fortunately, he is still in remission after having therapy in the United States.

In his hometown of Limerick, McManus is heavily interested in charity work. McManus founded the J. P. McManus Scholarship Award in 1996, which offers €6,750 each year to eight students from his former secondary school, C.B.S. Sexton Street in Limerick, for third-level studies.

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In Limerick, he also organizes the J. P. McManus Invitation Pro-Am golf tournament to benefit Limerick charities. McManus also gave approximately €1 million to the Daughters of Charity foundation in July 2012.

Early life

McManus was born on March 10, 1951, in Limerick, Ireland. He started his career working for a plant-hire company.

Personal life

McManus has three children and four grandchildren and is married to Noreen McManus.

He built a €200 million home near to Martinstown Stud in 2006.

He finished a €150 million mansion in Barbados in 2013.

McManus has a history of contributing several times. McManus contributed almost €1 million to the Daughters of Charity foundation in July 2012. During the 2019–22 Coronavirus pandemic, he donated equipment to the University Hospital, Dooradoyle, in 2020.

An Irish Businessman And Racehorse Owner: J. P. McManus Net Worth

McManus gained $17.4 million gambling in the United States in 2012, with the US Internal Revenue Service keeping $5.2 million as income tax (IRS).

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The Irish Times reported in 2016 that he was seeking a refund of the tax under the US-Ireland double taxation treaty; the IRS claimed that McManus was a self-declared tax exile and so not a legal resident of Ireland in 2012, despite McManus’s signed declarations to the contrary.

Health

McManus was diagnosed with cancer in late 2008, and he is claimed to have recovered well after having treatment in the United States.

Glackin Report

The Irish Government recruited solicitor John Glackin, an Irish company law inspector, in 1991 to investigate Dermot Desmond‘s intricate dealings with the purchase and sale of the former Johnston Mooney and O’Brien site in Ballsbridge, Dublin, to Telecom Éireann.

While Desmond claimed to be acting as an intermediary in the deal, Glackin’s investigation stated that the sale benefited Mr Desmond, businessmen JP McManus, and John Magnier. Mr. Desmond vehemently disagreed with Glackin’s findings.

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According to the Glackin Report, on 7 May 1990, Hoddle Investments (the company that handled the purchase) signed two contracts with Telecom Éireann for the sale of the Johnston Mooney & O’Brien site for a total of £9.4 million.

McManus had borrowed £1.5 million to Chestvale to purchase the site from the liquidator in August 1989, according to Glackin. McManus made the transaction through a J&N McMahon-owned AIB account in Jersey.

The advantage of this account to John and Noreen McManus could not be substantiated because AIB refused to break client confidence.

An Irish Businessman And Racehorse Owner: J. P. McManus Net Worth

According to the study, McManus benefited from the sale of the site to Telecom Éireann, receiving £500,000 in cash, which Dermot Desmond had stashed in a tennis holdall in his safe. Glackin concludes in paragraph 5.4.4 of the study that:

“I am satisfied, on a basis that I believe is reasonable, that Mr. McManus was promised by Mr. Desmond as his consideration for the advance a share of the profits and that this was either agreed in advance or during the period between 29th June 1990 when the money was received from Telecom, and 19th July 1990 when the request was made to Ansbacher for the first cash withdrawal of £100,000.

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I can find no evidence that any other person received any of the cash of £500,000 and find accordingly that it was received by Mr. McManus.”

The conclusions of the Glackin Report resulted in no criminal charges being filed against McManus or the other principals implicated.

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