John Magnier picks up English estate for reported €52m

The family of John Magnier, the bloodstock entrepreneur, has bought the Sutton Scotney Estate in Hampshire from a unit of Zurich Insurance Group, according to sources.

The majority of the land is leased to farmers. It is believed the family does not intend to change how the estate is run in the near-term.

The estate, about 60 miles southwest of central London, was offered through Savills for about £45 million (€52 million). It includes 24 homes and more than 4,000 acres (1,619 hectares) of land, according to the broker’s website.

A spokeswoman for Mr Magnier declined to comment. Zurich did not immediately reply to requests for comment.

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Mr Magnier, a former shareholder in Manchester United, is best known as a breeder of thoroughbred horses through the Coolmore Stud operation in Co Tipperary. He also owns a property portfolio and is said to be a billionaire.

June’s Brexit vote is likely to have a muted impact on the market for agricultural land, as weak sterling creates a favourable buying environment for overseas investors, Savills said in December.

Zurich Insurance took control of Sutton Scotney as part of a takeover of Eagle Star Insurance. The UK firm had proposed building as many as 12,500 homes on the land, but Winchester City Council opposed the development as unsustainable.

– (Bloomberg)