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Irish Times
10 hours ago
- Business
- Irish Times
Magnier case: Row breaks out in court over claims gallery members tried to communicate with witness
An argument broke out during a hearing in the High Court case taken by bloodstock billionaire John Magnier over a failed property deal for a Co Tipperary estate. On Thursday, the defence claimed a member, or members, of the public gallery were attempting to communicate with a witness under cross-examination by nodding to him on certain answers. The case centres on Mr Magnier's claim that a US-based construction magnate, Maurice Regan, the preferred buyer, engaged in a 'full-frontal assault' on Mr Magnier's claimed deal to buy the 751-acre estate. Coolmore Stud founder Mr Magnier claims Barne Estate reneged on the alleged deal, preferring to sell at the higher price of €22.25 million to Mr Regan, founder of New York building firm JT Magen. READ MORE The Magniers say the deal was struck at Mr Magnier's Coolmore home on August 22nd, 2023. They also claim an exclusivity agreement in effect from August 31st to September 30th stipulated 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 Mr 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, Mr Thomson-Moore and three companies of IQEQ (Jersey) Ltd group, seeking to enforce the purported deal, which they say had been 'unequivocally' agreed. Barne says there was never any such agreement as they needed the consent of the trustees to finalise any agreement and they subsequently preferred to sell to Mr Regan. Mr Regan is not a party to the case. The nodding in court claim was made on Thursday by Martin Hayden SC, for Barne Estate, while his colleague Niall F Buckley SC, was conducting the cross-examination of a financial manager at Coolmore, Tim Gleeson. Mr Gleeson was giving evidence on communications timelines, statements and meetings surrounding the failed deal. Mr Hayden apologised for interrupting the cross-examination and claimed that he had been informed by a note from his legal team that a member or members of the gallery had been nodding at the witness. Mr Hayden gestured towards the Magnier side and told Mr Justice Max Barrett that he was asking individuals 'on the Coolmore side to stop making head gestures' in relation to questions asked of Mr Gleeson. 'It has happened on four occasions now in relation to particular questions asked and head gestures are being made by certain individuals in the gallery,' said Mr Hayden. Mr Gleeson said he did not see any gestures and that he was following documents from the witness box and facing the judge when answering questions over his witness statement. Paul Gallagher SC, for the Coolmore side, said he did not accept the assertion made by Mr Hayden. About 10 minutes later, Mr Hayden rose again to tell the judge 'it is occurring again'. 'They are giving indications of what the answers should be – that's unacceptable'. Mr Gallagher said it was 'an outrageous statement to make – it's not true'. 'I know Mr Gallagher is all-powerful but I don't think he has eyes in the back of his head, I'm not sure he can see what is going on,' said Mr Hayden. Mr Justice Barrett asked all present to refrain from any nodding upon hearing responses given by the witness. Moments later, Mr Gallagher said a member of the defence's legal team was now staring at the gallery where the Coolmore side were sitting at the rear of the court, which he considered 'highly inappropriate'. Mr Hayden said it was appropriate the defence made sure the claimed behaviour did not happen again. Jerome Casey, a senior member of staff at Coolmore who fronts property deals for Mr Magnier, told Caren Geoghegan SC, for the Magniers, 'we are honourable people' who would not go back on an agreed deal. Mr Casey said the exclusivity agreement was put in place because contracts for the estate had not been issued immediately to Coolmore by the vendors' solicitors and that by late August he was made aware that Mr Regan was 'not happy' about the purported sale of the land to the Magniers. Mr Hayden asked Mr Casey if the main reason for the exclusivity agreement was Mr Regan's interest and was told 'very much so'. The case continues before Mr Justice Barrett.
Irish Times
05-06-2025
- Business
- Irish Times
Son of John Magnier says he handed over €50,000 in two envelopes as an ‘appreciation' to Barne Estate owners
A son of billionaire bloodstock magnate John Magnier has told the High Court he handed two 'brown' envelopes containing a total of €50,000 in cash to an estate agent involved in a failed €15 million property deal. JP Magnier said the envelopes were to be delivered to the beneficiaries of the Barne Estate as a showing of 'appreciation'. In other evidence on Thursday, a solicitor involved in the proposed conveyance of Barne Estate, Co Tipperary, which is the subject of the legal action by John Magnier who alleges the €15 million deal was reneged upon by the vendors, told the court an agreement was in place between the parties before an exclusivity document was signed. Joseph Fitzpatrick, of Smithwick Solicitiors, told counsel for the Barne Estate he secured an exclusivity agreement signed by both sides to run from August 31st to September 22nd, 2023, after hands were allegedly shaken on a deal. READ MORE Lawyers for Mr Magnier, founder of Coolmore Stud, have argued that a US-based construction magnate, Maurice Regan, the preferred buyer, engaged in a 'full-frontal assault' on Mr Magnier's claimed deal to buy the 751-acre estate. Mr Magnier's proceedings claim the Barne Estate owners reneged on the alleged deal, preferring to sell at the higher price of €22.25 million to Mr Regan, founder of the New York building firm JT Magen. Mr Magnier – along with his adult children – wants to enforce the alleged deal which they say was struck at an August 22nd, 2023, meeting at Mr Magnier's Coolmore home. They claim the exclusivity agreement would not permit its representatives to solicit or encourage any expression of interest, inquiry or offer on the property from anyone other than Mr Magnier. The 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, Mr 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 Mr Regan, who is not a party to the case. On Thursday, JP Magnier told Paul Gallagher SC, for the Magnier side, his father asked him to get €50,000 in cash on September 8th, 2023, and to put it into two envelopes to be given to the Thomson-Moores. He said the money was an 'appreciation' for letting the Magnier side on to the Barne land, for their loyalty in honouring the deal and because they were allegedly 'cash strapped'. JP Magnier said he put the money into two envelopes and gave it to the estate agent at Barne Estate for them to be passed on to the Thomson-Moores. On September 11th, 2023, he said the estate agent met JP Magnier and 'pushed' the envelopes in his direction, saying the Thomson-Moores were concerned their farm manager may have seen the original transaction. Niall F Buckley SC, for the Barne side, asked what colour the envelopes were and was told they were brown. Mr Buckley put to JP Magnier the envelopes were to keep the Thomson-Moores 'sweet', as John Magnier was concerned they were going to pull out of the deal. JP Magnier said his father never said that to him. 'I take it you didn't ask for a receipt?' asked Mr Buckley. 'No,' JP Magnier replied. 'Doesn't that say it all,' Mr Buckley said. 'Knowing what you did about my clients' family circumstances and the need for them to provide for their child and given the vast amount of land you have, did it ever occur to you to let this one go?' 'It wouldn't be my call,' said JP Magnier. Mr Fitzpatrick told Martin Hayden SC, for the Barne Estate, the exclusivity agreement was not to further any negotiation but to keep the 'status quo' of the alleged sale agreement in order to further the preparation and receipt of the contracts. 'Exclusivity was not for negotiations going forward but to facilitate the contract,' said Mr Fitzpatrick. He said Mr Magnier had deposited €15 million in the Smithwicks' client account before any purported contract was signed in order to 'show good faith'. However, he said that a week before the exclusivity agreement expired, the Thomson-Moores said they were taking tax advice. 'We invited them to a meeting and that was refused, then the extension of the exclusivity was refused. It was clear they had no intention of signing with us and were running down the clock,' said Mr Fitzpatrick. The case continues in two weeks' time before Mr Justice Max Barrett.
Irish Independent
05-06-2025
- Business
- Irish Independent
JP Magnier handed €50k in brown' envelopes to estate agent in Tipperary land sale, High Court hears
The High Court has heard that billionaire bloodstock magnate John Magnier's son, JP, handed over two "brown" envelopes containing a total of €50K in cash to an estate agent involved in a failed €15m property deal which were delivered to the beneficiaries of the estate as a show of "appreciation". The court also heard that a solicitor involved in the proposed conveyance of Barne Estate, Co Tipperary, the subject of a legal action by John Magnier - who alleges a €15m deal was reneged upon by the vendors - has told the High Court that an agreement was in place between the parties before an exclusivity document was signed. Joseph Fitzpatrick, of Smithwick Solicitors, was giving evidence in the hearing today and told counsel for the Barne Estate that he secured an exclusivity agreement signed by both sides to run from August 31 to September 22 after hands were allegedly shaken on the deal. Lawyers acting for Mr Magnier, founder of the world-famous Coolmore Stud, have claimed before the High Court that a US-based construction magnate, Maurice Regan, the preferred buyer, engaged in a "full-frontal assault" on Mr Magnier's claimed deal to buy the 751-acre tract. Mr 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 Mr Regan, the founder of the New York building firm JT Magen. Mr Magnier – along with his adult children - wants to enforce the alleged deal. The Magnier side says the deal was struck at an August 22, 2023, kitchen meeting at Mr Magnier's Coolmore home. They also claim an exclusivity agreement that was in effect from August 31 to September 30 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 Mr 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, Mr 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 Mr Regan. Mr Regan is not a party to the case. Mr Magnier's son, JP, told Paul Gallagher SC, for the Magnier side, that his father asked him to get €50k in cash on September 8, 2023, and to put it into two envelopes to be given to the Thomson-Moores. He said the money was an "appreciation" for letting the Magnier side onto the Barne land, for their loyalty in honouring the deal and because they were allegedly "cash strapped". JP Magnier said he put the money into two envelopes and gave it to the estate agent at Barne Estate for them to be passed on to the Thomson-Moores. On September 11, 2023, however, he said the estate agent met with JP Magnier and "pushed" the envelopes in his direction, saying that the Thomson-Moores were concerned that their farm manager may have seen the original transaction. Niall F Buckley SC, for the Barne side, asked what colour the envelopes were and was told by JP Magnier that they were brown. Mr Buckley put it to JP Magnier that the envelopes were to keep the Thomson-Moores "sweet", as John Magnier was concerned they were going to pull out of the deal. JP Magnier said his father never said that to him. "I take it you didn't ask for a receipt?" asked Mr Buckley. JP Magnier replied: "No." "Doesn't that say it all," remarked Mr Buckley. "Knowing what you did about my clients' family circumstances and the need for them to provide for their child and given the vast amount of land you have, did it ever occur to you to let this one go?" "It wouldn't be my call," said JP Magnier. Mr Fitzpatrick told Martin Hayden SC, for the Barne Estate, that the exclusivity agreement was not to further any negotiation but to keep the "status quo" of the alleged sale agreement in order to further the preparation and receipt of the contracts. "Exclusivity was not for negotiations going forward but to facilitate the contract," said Mr Fitzpatrick. Mr Fitzpatrick said Mr Magnier had deposited €15M in the Smithwicks' client account before any purported contract was signed in order to "show good faith". However, a week before the exclusivity agreement expired, the Thomson-Moores said they were taking tax advice, he said. "We invited them to a meeting and that was refused, then the extension of the exclusivity was refused. It was clear they had no intention of signing with us and were running down the clock," said Mr Fitzpatrick. The case continues in two weeks' time before Mr Justice Max Barrett.
The Journal
04-06-2025
- Business
- The Journal
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. Advertisement 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. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Business Post
31-05-2025
- Business
- Business Post
Exclusive interview: Maurice Regan on why Magnier ‘needs to get used to not getting his own way'
Business Post subscribers can read: • Regan's view on John Magnier's case for Barne Estate • How he built a multibillion-dollar construction giant while being laughed at by Irish developers • If he knows how much his fortune is worth
