The daughter of Irish billionaire financier JP McManus has purchased one of the most lavish estates and stud farms in the country as part of a multi-million euro deal.

In their search for a new home, Sue Ann McManus and her husband, Cian Foley, have bought the exclusive Islanmore Stud in Croom, Co Limerick, which is situated on 400 acres.

While the global recession signalled a critical downturn on the Irish property market, it has not prevented the McManus family from splashing out on the sprawling property and estate.

Staff at Islanmore House, with its gardens and stud, were informed that Sue Ann and Cian, who wed in 2007, will be taking over the management of the estate in the New Year. No sale figure has been disclosed as part of the private deal, but it is understood to have cost several million euro.

The daughter of the world-renowned racing enthusiast has purchased the stud farm from the Tarry family.

Sue Ann and Cian viewed the property and grounds several times this year.

It is understood the estate was chosen as a future home for the young couple due to the security and seclusion it offers.

Because of JP's accumulated wealth from international financing, money dealing and high-level gambling, the extended McManus family are extremely security conscious and the Limerick estate is regarded as an ideal location to seek privacy from prying eyes.

Islanmore House was built in Georgian style in 1794 for a younger son of the Earl of Dunraven as a fishing and hunting lodge.

Vet, Tony Tarry, and his wife Mary gained control of it in 1963 and turned the grounds into a stud farm which specialises in breeding, foaling, weaning and sales preparation of thoroughbred young stock.

The river Maigue runs through the estate which is located in the heart of the Golden Vale region and boasts numerous mature trees and extensive shrubbery. Islanmore House is surrounded by landscaped gardens which are open to the public from May to October.

In recent years, the gardens have won national prizes. Also located near the historic house is a fully equipped potting shed which leads into a spectacularly restored Victorian glass house. A wide variety of fruits and vegetables are grown here.

Up to 40 mares are in permanent residence on the estate and there is three acres of mown lawn around the Georgian home.

The McManus family are well accustomed to large estates, with JP regarded as one of the biggest landlords in the country.

Never one to let the grass grow under his feet, the racing enthusiast has a keen eye for property and farms in the Mid-West region.

In 2007, JP paid out €4.5m for a 145-acre estate in Grange, Co Limerick as a wedding present for his daughter.

In 2006, he bought a 250-acre farm in Emly, Co Tipperary, for €3.7m at a public auction. Some of his retired horses are stabled here.

However, the jewel in the crown of the McManus empire is the Palladian home at Martinstown in south Limerick. JP paid over €100m for the 40,000 sq ft property, which resembles stately homes built in the 17th and 18th century.

JP McManus, who recently beat prostate cancer, is a renowned philanthropist.