Son-in-law of billionaire John Magnier denies engaging in 'ruse' in bidding on Tipperary farm
BLOODSTOCK BILLIONAIRE JOHN Magnier's son-in-law has denied engaging in a 'ruse' by using third parties to bid on a Tipperary farm before allegedly 'low-balling' the vendors with a €10 million offer.
At the High Court today, Magnier's son-in-law David Wachman said it was 'common practice' to start bidding at a level lower than the vendor's valuation for any property and that price expectations had to be 'controlled'.
Lawyers acting for Magnier, founder of the world-famous Coolmore Stud, have claimed that a US-based construction magnate, Maurice Regan, the preferred buyer, engaged in a 'full-frontal assault' on Magnier's claimed deal to buy the 751-acre tract.
Magnier's proceedings claim that Barne Estate reneged on the alleged deal, preferring to sell the land at the higher price of €22.25m to Regan, the founder of the New York building firm JT Magen.
Magnier – along with his adult children – wants to enforce the alleged deal.
They say the deal was struck at a 22 August 2023 kitchen meeting at Magnier's Coolmore home.
They also claim an exclusivity agreement that was in effect from 31 August to 30 September stipulated that the estate would not permit its representatives to solicit or encourage any expression of interest, inquiry or offer on the property from anyone other than Magnier.
Barne Estate has been held for the benefit of Richard Thomson-Moore and others by a Jersey trust.
The Magnier side has sued the Barne Estate, Thomson-Moore and three companies of IQEQ (Jersey) Ltd group, seeking to enforce the purported deal, which they say had been 'unequivocally' agreed.
The Barne defendants say there was never any such agreement, as they needed the consent of the trustees to finalise any agreement and subsequently they preferred to sell the estate to Regan.
Regan is not a party to the case.
Paul Gallagher SC, for the Magnier side, was told by Wachman that Regan 'was always of the opinion that we shouldn't bid against each other', as this would generally mean the two strongest bidders, in this case Mr Magnier and Mr Regan, would increase land prices in Tipperary.
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Wachman told Niall F Buckley SC, for the Barne Estate, that Coolmore were interested in Barne and by July 2023 co-ordinated a bid of €10.5m through a third party acting on behalf of a 'wealthy UK investor'. They did not inform the Thomson-Moores, who sought €13.5m for the estate, of Coolmore's involvement.
Another third party who did not disclose to the vendor that Coolmore was also using him had earlier pulled out of bidding and when both third parties withdrew 'it left Coolmore as the only one left on the pitch', Wachman said.
Wachman confirmed that the third parties were already known to the Barne Estate.
Buckley said this strategy amounted to a 'ruse' and a 'backstory' by Coolmore regarding their interest in the property, which was not on the open market.
Buckley said not long after the first bid, Coolmore submitted a bid of €10m in what was, he alleged, a 'deceptively low bid'.
Wachman said the strategy was engaged to 'control expectations' on the value of the estate.
Wachman said information on the third-party bids reaching the Coolmore side from the estate agent showed the agent to be trustworthy.
'We then knew the agent was telling the truth,' said Mr Wachman.
'You may have a rationale but the vendors were the casualties in that,' said Buckley. Counsel further suggested that Coolmore were using people known to the Barne Estate to 'advance veiled inquiries'.
Buckley said that Regan will dispute the claim that he wanted to suppress land prices in the area and that his eventual bid of €22.5m was inconsistent with this claim.
Wachman told counsel that it was inconsistent with the land-price suppression claim because Regan 'had a bee in his bonnet' after learning of the alleged agreement between Barne and the Magnier side.
Buckley said the 'low-ball' offers from the Magnier side were more consistent with price suppression. Wachman said it was 'common practice' to start at a lower price and added that the eventual bid from the Magnier side was €15m.
The hearing continues before Justice Max Barrett.
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