Developer back on form with record sale of €2.85 million colt

The stud farm owned by developer Michael Ryan and his family is back in the winners' enclosure after selling a racehorse at Goff's for €2.85 million.

The price, paid by Coolmore Stud agent MV Magnier yesterday, is the highest paid this year at any such sale in the world.

The thoroughbred yearling was sold at Goff's premier yearling sale by Al Eile Stud, the Waterford breeding operation built by Mr Ryan. His son, Micheál, is also closely involved in the business.

Mr Ryan has had a number of dealings with State assets agency Nama and in July was cleared of making €80,000 in corrupt payments to former Fine Gael Dungarvan town councillor Fred Forsey, who was jailed for six years in 2012 for accepting bribes.

Mr Ryan told Waterford Circuit Court the money was intended as a loan to Forsey, and said after the trial that the former councillor was innocent.

Earlier this year, receiver Jim Stafford sold a Dauphin helicopter that had previously belonged to one of Mr Ryan's companies for €895,000, on behalf of Nama, which took control of the craft early in 2012.

Court judgment
In November, AIB got a High Court judgment for €2.5 million against Mr Ryan and his son and another man, Seán Keane. Their fortunes turned dramatically yesterday with the sale of the colt, which is the offspring of Irish Derby and Prix de L'Arc de Triomphe winner Montjeu and Finscéal Beo, the champion filly owned by Mr Ryan.

* This article was amended on October 4th, 2013 to correct a factual error.