When Zurich Insurance took over Eagle Star Insurance it made a significant acquisition as part of the deal: in the form of the Sutton Scotney Estate in Hampshire.
It had been proposed that the land would be used to build as many as 12,500 homes – but the idea met with opposition from Winchester City Council which wanted to preserve it as farmland.
Now, the estate has reportedly been purchased by the family of well-known billionaire John Magnier.
According to
Bloomberg, relatives of the Irish bloodstock entrepreneur and former Manchester United shareholder, have swooped on the land which is currently largely leased to farmers. The report states that the land, 60 miles southwest of central London, was offered for around £45 million through Savills Plc and accounts for 4,000 acres and 24 homes.
The report states that a spokesman for Zurich confirmed that the estate is for sale but would not comment on whether or not anyone connected to the Magnier family was interested.
It is estimated that Magnier has a fortune of around one billion euros, having made his money as a breeder of thoroughbred horses.
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