JP McManus at Adare Manor, which he acquired for a reported €30m
THE family of Limerick billionaire businessman JP McManus are refurbishing a €100m home in London’s exclusive Chelsea, as their property empire grows even further.
In all, properties owned by Mr McManus and his extended family around the world are now worth over €350m, with acquisitions in elite areas of Dublin, London, and Barbados amongst others.
The Sunday Business Post has reported today that the family bought the home for £55m (€62m) in 2012, in a area of SW10 where houses now command increasingly high price-tags.
McManus’s eldest son John and his wife Emma have been working for years on a huge renovation of the property, bringing its value to over an estimated €100m.
The property is situated in The Boltons, an exclusive street of late 19th and early 20th century mansions, and the home of London’s mega-rich, where many, including the McManuses are excavating and adding floors underground.
Ten per cent of London’s super-prime sales in recent years have taken place in The Boltons.
“The Boltons conservation area is widely recognised as one of the most desirable areas in which to live in London. Unlike many other highly sought after addresses in Prime Central London, it is also an area where most people that live there would call home despite having other properties in the UK or abroad. I think this sets it apart as well as the excellent local facilities of course,” said property agents Frank Knight.
JP McManus and his wife Noreen also own a number of properties on Dublin’s Ailesbury Road, in addition to his €100m mansion in Martinstown, county Limerick – and his €150m mansion in Barbados, where he already owns the Sandy Lane exclusive resort with fellow billionaires Dermot Desmond, John Magnier and others.
The beachside mansion has two wings on the island’s so-called Platinum Coast, where house prices average around £15 million. There are 11 huge en-suite bedrooms for JP’s family, friends and very special VIP guests.
Sports stars Paul O’Connell and Rory McIlroy and his new bride are among those who have been treated to Mr McManus’ hospitality in Barbados.
Mr McManus also owns the five-star Adare Manor Hotel & Golf Resort, which he acquired for €30m and is said to investing the same amount, as his main ambition is for the course to host the Ryder Cup in 2026.
No 22 Ailesbury Road, the former home of developer Bernard McNamara, was bought by JP McManus for €10 million in 2011. It was one of the highest prices paid for a Dublin house since the property crash.
Mrs McManus then paid a further €2.7 million, substantially over the €1.6 million asking price, for 14A and 16A Ailesbury Road. The two derelict mews buildings, which were also purchased from Bernard McNamara, occupy a 0.65 acre site and border the grounds of the main house.
A property on Limerick’s North Circular Road is in the hands of brother Gerry McManus, who acquired it from London-based developer Aidan Brooks for an undisclosed sum, after he famously bought it for €26m in 2007 amid intense bidding.
Gerry McManus received planning permission from Limerick City and County Council to make a number of changes to the former bishop’s residence, known as Kilmoyle, in one of the city’s most sought after areas, to include his private car collection underground.
It was damaged by a fire in November last. While the property has been listed on the Property Price Register, it was not sold on the open market.
Last month Mr McManus announced that he is to spend €32 million on third-level scholarships for more than 1,000 students from less well-off backgrounds over the next decade.
A tax resident of Geneva, Switzerland, he has a personal wealth estimated to be in the region of €1.8 billion.