Billionaire Irish businessman Tony Ryan, founder of Ryanair airlines, has built a 124-high round tower on his horse farm in Lexington, Kentucky.

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The tower is an exact replica of the historic tower that sits atop the Rock of Cashel in County Tipperary, the Irish Independent reported Wednesday.

"This is the first round tower built in 1,200 years. There are 100 of them in Ireland. Now there's 101!" Ryan said in an interview with a local newspaper.

Ryan has poured millions into the 1,000-acre Castleton Lyons Farm, not just on buying horses but also on furnishing the house with fine art, ornate ceilings and antique furniture.

According to the accounts of one of his holding companies, by the end of 2003 he had spent more than $34.5 million on the estate.

This sum is not thought to include the cost of constructing the round tower, which was completed in recent weeks.

Ryan also owns several estates in Ireland, where he breeds prize-winning cattle and thoroughbred horses.