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Irish Times
11 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.
BreakingNews.ie
05-06-2025
- Business
- BreakingNews.ie
JP Magnier handed €50,000 in 'brown' envelopes to estate agent in land sale, 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 €50,000 in cash to an estate agent involved in a failed €15 million 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 €15 million 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. Advertisement Joseph Fitzpatrick, of Smithwick Solicitors, was giving evidence in the hearing on Thursday and told counsel for the Barne Estate that he secured an exclusivity agreement signed by both sides to run from August 31st to September 22nd 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 €22.25 million 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. Advertisement 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. Advertisement 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 €50,000 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. Advertisement 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." Advertisement "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. Ireland Supreme Court decision on compensation over power... Read More Mr Fitzpatrick 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, 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.
BreakingNews.ie
04-06-2025
- Business
- BreakingNews.ie
John Magnier's son-in-law denies making 'deceptively' low bids for Barne Estate
Billionaire John Magnier's son-in-law has denied "low balling" the vendors of Barne Estate in an allegedly "deceptive" manner in starting bids on the Co Tipperary property before a €15 million alleged deal fell through. At the High Court, Mr 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". Advertisement Lawyers acting for Mr 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 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 €22.25 million 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. They say the deal was struck at an August 22nd, 2023, kitchen meeting at Mr Magnier's Coolmore home. They also claim an exclusivity agreement that was in effect from August 31st to September 30th 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. Advertisement 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. Advertisement Paul Gallagher SC, for the Magnier side, was told by Mr Wachman that Mr 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. Mr Wachman told Niall F Buckley SC, for the Barne Estate, that Coolmore was interested in Barne and by July 2023 co-ordinated a bid of €10.5 million through a third party acting on behalf of a "wealthy UK investor" without informing the Thomson-Moores, who sought €13.5 million 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". Mr Buckley asked if Mr Wachman was aware that the third parties were already known to his clients and was told "yes". Advertisement Mr 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. Mr Buckley said not long after the first bid that Coolmore submitted a bid of €10M in what was, he alleged, a "deceptively low bid". Mr Wachman said the strategy was engaged to "control expectations" on the value of the estate. Mr Buckley said the "low ball" tactic was to "dent confidence" in the value of the estate through bids from "ostensibly two different bidders". Advertisement Regarding the claim of trying to dent the confidence of the vendors, Mr Wachman said "I am not sure I agree with you but that is a matter for interpretation". Mr Wachman said the view of there being two bidders was correct but that he could not have known the confidence levels of the vendors. Mr 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 Mr Buckley, who added that Coolmore were using people known to his clients to "advance veiled inquiries". Ireland Susan Magnier backs billionaire husband John over... Read More Mr Buckley said that Mr Regan will dispute the claim that he wanted to suppress land prices in the area and that his eventual and higher preferred bid of €22.5 million was inconsistent with this claim. Mr Wachman told counsel that it was inconsistent with the land-price suppression claim because Mr Regan "had a bee in his bonnet" after learning of the alleged agreement between Barne and the Magnier side. Mr Buckley said the "low ball" offers from the Magnier side were more consistent with any price suppression as opposed to Mr Regan engaging in the tactic. Mr Wachman said it was "common practice" to start at a lower price and added that the eventual bid from the Magnier side was €15 million. The hearing continues before Mr Justice Max Barrett.
Irish Times
29-05-2025
- Business
- Irish Times
‘I came here for protection': John Magnier complains about ‘unfair' treatment in court
Billionaire businessman John Magnier has accused a barrister representing the Barne Estate owners of 'slaughtering' him and trying to take away his good name. The bloodstock magnate addressed Martin Hayden on the third day of the hearing of his case alleging the property owners reneged on a deal, sealed with a handshake, to sell the 751-acre estate to him for €15 million. Mr Magnier, his son John Paul Magnier and his daughter Katherine Wachman are suing Barne Estate owner Richard Thomson-Moore and three companies of IQEQ (Jersey), the holding company of the estate shares, over the purported sale they say occurred on August 22nd, 2023, at Mr Magnier's home in Coolmore. They claim the Thomson-Moores backtracked on the agreement and accepted an offer from American-based businessman Maurice Regan for €22.25 million. READ MORE In the Commercial Court in Dublin on Thursday, Mr Magnier told Mr Hayden, senior counsel for the Thomson-Moores, he feels he was treated 'unfairly' in the witness box on Wednesday. 'I got a lot of praise at the start. You ended up taking my good name. I can't do business without my good name,' he said. 'They (the Thomson-Moores) wouldn't have done a deal with me without my good name. I came here for protection and not to be slaughtered'. Mr Magnier said he is not a 'legal person' and left that to others. Every day he received an update on his bloodstock business, which covers 6,000 mares a year. He also gets a daily update on his businesses in the UK, which employ 18,000 people. Mr Magnier went on to accuse Mr Hayden of repeatedly asking him the same questions. He is not a 'Pontius Pilate' washing his hands of the deal he had made with the Thomson-Moores. 'If I say something to you, it's the truth'. Mr Justice Max Barrett interjected to say Mr Hayden is doing his job and, in the judge's opinion, 'had not strayed at all yesterday'. Mr Hayden also said he is doing his job to the best of his ability and there are always two sides to every story. The judge said Mr Magnier and Mr Hayden are 'decent and honorable gentlemen, let's leave it at that'. In his evidence, Mr Magnier said only Mr Stokes had mentioned on the night of August 22nd, 2023, that the sale needed the approval of the trustees based in Jersey. According to Mr Magnier, Mr Stokes said they needed to phone the trustees and Mr Thomson-Moore's sister Alex about the deal. They adjourned to another room and, when they returned and shook hands, Mr Magnier believed the outside parties had given their approval. Mr Magnier's case alleges Mr Thomson-Moore 'had the authority or expressly represented that he had the authority' when he agreed to sell the farm, Mr Hayden said. Mr Magnier responded: 'I didn't say he had authority on the night. I assumed he had authority. It was his farm as far as he was concerned.' Mr Hayden said all property deals are subject to contract, and Mr Magnier was not going to send €15 million via Revolut to the Thomson-Moores without paperwork. Mr Hayden suggested Mr Magnier had entered into an exclusivity agreement with the Thomson-Moores for the land because he knew he did not have a binding legal contract for it. Mr Magnier rejected this suggestion, saying he only entered into an exclusivity agreement because Mr Regan was attempting to interfere in the sales process.
