John Magnier tells court defence is trying to portray him as 'bad guy' in Tipperary land case

The Journal

3 days ago

BLOODSTOCK BILLIONAIRE JOHN Magnier has told the High Court that a barrister was 'trying to portray me as a bad guy' in a case where he says he had an exclusive agreement to buy land in Co Tipperary for €15 million, but missed out when the owners preferred a higher bidder.
Magnier told the High Court that he employed experts in legal and financial fields because some advisory decisions were 'out of my pay grade'.
The billionaire also told the court that money doesn't mean much to him, but it does offer a way to keep score 'on good days and bad days' in business.
Lawyers acting for 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 Magnier's claimed deal to buy 751 acres of land in Tipperary for €15 million.
Magnier's proceedings claim that Barne Estate, having reneged on the alleged deal, preferred to sell the land at the higher price of €22.25 million to Regan, the founder of the New York building firm JT Magen.
Magnier has told the High Court that when he inquired about what happened with the bid, the estate agent involved told him: 'One word, John: greed.'
Magnier – along with his adult children, John Paul Magnier and Kate Wachman – wants to enforce the alleged deal.
They say the deal was struck on 22 August 2023 at a 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 Magniers have 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 and subsequently they preferred to sell the estate to Regan.
Regan is not a party to the case.
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At the High Court today, Martin Heyden SC, for Barne, asked Magnier if he is a billionaire. Magnier replied: 'I'd hope so – I've been fortunate.'
Magnier said he was aware that the Thomson-Moores were selling the land so they could move to Australia to get better medical treatment for a family member.
Magnier said he did not think the Thomson-Moore family were 'greedy', that he dealt with them in a 'fair and honourable way' and that the comment about alleged 'greed' was something that was said to him by the estate agent.
Hayden asked if there was a 'disparity' between Magnier's billionaire fortune and a family, whose sole asset was the farm they were selling for medical bills and who were being offered €7.2 million more than the plaintiff had offered.
Hayden asked Magnier if this, in his opinion, amounted to 'greed'.
'You're trying to portray me as the bad guy here. Nobody else would have offered them €15 million. It was the highest bid at the time,' said Magnier.
He told the court that he believed the Thomson-Moores could have been 'misled' by Regan, who Magnier alleged wanted to keep land prices in Tipperary down.
Magnier also told Hayden that he did not think the Thomson-Moores were behaving in a 'greedy' manner when they preferred Regan's offer, which was €7.25 million more than his own.
Magnier told Hayden that he left school at 15 with 'not a very good education' and that he employed 'experts' in legal and financial matters because some decisions were 'above my pay grade'.
Heydon asked the billionaire how much land he owned in Tipperary. Magnier answered, 'very little', and said reports of him owning 20,000 acres were 'totally false'.
Magnier said that he has five children and 15 grandchildren, that his operation employs 1,300 people and that he would not do deals on distressed properties or people under duress to sell.
When Hayden asked about Magnier's wealth, the billionaire said that money does not mean much to him, but that it was a way to 'keep the score' on 'good and bad days' in business.
Mr Paul Gallagher SC, for Magnier, has said Regan was 'the man who started all this'.
Counsel said the US-based businessman had a 'grandiose and mistaken' belief that the sale should not go ahead to Magnier and set out to 'destroy' the agreement to purchase Barne.
The trial continues before Mr Justice Max Barrett.
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