PROPERTY magnate John Morphet bought the Island's most historic home Bishopscourt in March for five million pounds.

The Sunday Times Rich List ranked Mr Morphet at number 657 in 2009 – with a personal fortune of £85 million.

The purchase of Bishopscourt was confirmed by local estate agents Cowley Groves who acted in the last two sales of the landmark to Graham Ferguson Lacey in1993 and to William Lomas in 2001.

Chairman David Creane said: "The Island is continuing to attract high net worth individuals which can only be a good thing for the Island as they not only bring wealth but also create local employment and frequently get involved locally in business.

"These new arrivals stimulate the business community and add much to our continued prosperity. We have made a significant number of high end sales over the last 12 months and I expect this trend not only to continue but increase over the next few years as the tax burden and poor quality of life in the UK and Eire continues to bite."

Mr Morphet owns the Pure Leisure Group which has golf resorts and spas across the UK. He has also been responsible for developing a luxury 750 acre Royal Westmoreland Golf Resort which is ranked 43rd in the world.

Bishopscourt had been for sale since April 2007.