Patrick Fleming, 40, was stabbed to death in a Coleraine flat during a party during the North West 200 motorcycle festival in May 2006.

Desmond Heaney, 26, of Dunclug Park in Ballymena, will serve at least 22 years for killing Mr Fleming, who was from Macosquin.

Heaney was told by the Judge at Antrim Crown Court: "You are a person who resorts to knives - when you think trouble, you think knife."

The court heard Heaney has 150 criminal convictions spanning a 24-page criminal record.

Shortly before the beginning of the trial, Mr Fleming's widow and mother-in-law agreed to pay back assets put at £750,000.

They said they would hand over to the Assets Recovery Agency a five-bedroom house, 35 acres of land, cash and a number of valuable paintings.

The agency had alleged the majority of Mr Fleming's wealth was derived from drug dealing, and he was under investigation at the time of his death.

'Horse dealer'

Speaking outside court, Mr Fleming's sister Theresa Hanson said the family were "very happy" with Heaney's sentence and felt "that justice has been done for Paddy".

She insisted her brother was not a criminal but "was a horse dealer and was in his life, never convicted of of any drugs offence."

Senior Investigating Officer, Detective Inspector Tom McClure, said it had been a "difficult and protracted trial".

"I would particularly like to thank the many witnesses who showed bravery by testifying at this trial - I know that this was difficult for some who feared their integrity would be challenged," he said.

"They helped put a man in jail for murder, and they deserve credit for that."