Police suspect robbery was the motive behind the killing of Garib Goring at his house at Arena Road, Freeport on Sunday morning.
The farmer was beaten up, tied up and stabbed multiple times, before being set alight.
Neighbours reported seeing smoke coming from the unfinished house, which is set back from the main access road.
Upon checking, they found the deceased, Garib Goring.
Investigations are underway.