Susan Magnier backs billionaire husband John over alleged €15m land deal that collapsed

Irish Examiner

a day ago

Susan Magnier, the wife of billionaire John Magnier, has told the High Court of kitchen table negotiations which led to a €15m offer for a tract of land in Tipperary.
Appearing by video link at the High Court Mrs Magnier said she was present when the vendors received their €15m offer. Mrs Magnier said the proposed vendors and an estate agent then moved to another room to ring the trustees and a beneficiary of Barne Estate before returning to the meeting.
She told Caren Geoghegan SC, for the Magniers, that all parties afterwards had a "light-hearted" dinner in the wake of the alleged 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 751 acres of land in Tipperary for €15 million.
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.
They say 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.
Friday's evidence
Mrs Magnier, whose husband concluded his evidence in the case on Friday morning, said that she was present at the kitchen table meeting with the defendants and estate agent John Stokes on the night of August 22, 2023, when the purchase was allegedly agreed.
Mrs Magnier claims that after the Thomson-Moores were offered the €15m, Mr Thomson-Moore allegedly told the table that he, his wife, Anna, and Mr Stokes had to make phone calls to the trustees and Mr Thomson-Moore's sister to get their consent and went to another room.
Mrs Magnier said that when Mr Stokes returned he was "elated" that a deal was done and was "clearly delighted". "Everyone was happy. We all shook hands and we asked if they would stay for dinner and they said they would," said Mrs Magnier.
Niall F Buckley SC, for the defendants, said that Mr Stokes will give evidence that he never said the trustees were going to be contacted on the night and that phone evidence will show that no trustee was contacted immediately after the offer.
"I clearly heard them say they were going out to call the trustees and to call the sister," said Mrs Magnier.
Farm manager at Coolmore Joe Holohan, who was also present at the kitchen table meeting, said that Mr Magnier wanted to get a deal done on the night, as there was "no messing around" with Mr Magnier.
Mr Holohan claims that Mr Stokes and the Thomson-Moores left the kitchen saying they had to go to make phone calls and that when they returned to the table that Mr Stokes was smiling "from ear to ear" and that all parties then shook hands.
"It was like a weight off their shoulders, they came back different, very happy people, and we shook hands," Mr Holohan told the court.
The case continues before Mr Justice Max Barrett next week.