Barne Estate ‘war' became ‘head-wrecking' amid legal threats from both sides, auctioneer tells High Court
Mr Magnier wants the court to enforce a deal he claims he sealed with Richard Thomson-Moore with a €15 million handshake agreement for the 751-acre Tipperary estate on August 22nd, 2023, at Mr Magnier's Coolmore home.
Mr Magnier is suing Mr Thomson-Moore and Barne Estate Ltd over the collapse of the purchase. The estate has been owned by the Thomson-Moore family for generations and is held in a trust.
Auctioneer John Stokes, who handled the deal locally for Barne, denies a claim by the Magnier side that he said on the night he had said to Mr Magnier that they had a 'deal' after allegedly being in phone contact with the trustees for their approval after the €15 million offer.
READ MORE
Mr Stokes told Paul Gallagher SC, for the Magnier side, on Friday that he would have needed to have been 'psychic' to contact the trustees on the night for approval, as he did not have the phone number for any of the estate's trustees and did not suggest calling them as claimed.
Mr Stokes told the court that when he and the Thomson-Moores returned to the negotiations after a conversation, he said the 'deal' was regarding the price only and that any deal was subject to 'contract or contract denial'.
'As I went to [Mr Magnier], I said the deal was subject to the trustees' approval,' he claimed.
Mr Stokes said that Mr Magnier told the meeting that the €15 million was solely for the land and that he had no interest in the company.
As part of the alleged deal, an exclusivity agreement was entered into for the month of September 2023, during which Mr Stokes said he received an 'unsolicited', higher offer from Mr Regan about which he was obliged to inform the trustees and the Thomson-Moores.
Mr Stokes said he did not breach the exclusivity agreement regarding the offer and did not know how Mr Regan knew of the accepted Magnier offer being €15 million. Mr Stokes said Mr Regan quoted the price to him over the phone, but the information did not come from him.
Mr Stokes told Martin Hayden SC, for Barne, he was given €50,000 in two brown envelopes on September 7th, 2023, which was intended for chief beneficiaries Mr Thomson-Moore and his sister, Alexandra, which he delivered.
However, the money was returned a few days later. In evidence, Mr Magnier said it was not directly returned to him but Mr Stokes claimed it was because Mr Magnier told him that the €50,000 was apart from the deal, was for access to the land and that the Thomson-Moores were still welcome to it.
Alexandra Thomson-Moore has described the row over the estate as 'full-on war' between Mr Magnier and Mr Regan and in her evidence today, likened it to a 'Sunday night TV drama' with 'everyone accusing everyone of everything'.
Mr Stokes told the court on Friday that the deal was 'head-wrecking'.
Mr Stokes said that he received letters from solicitors from Mr Regan's legal team complaining about the auctioneer's handling of the deal and threatening to report him to the regulator. This was rejected by Mr Stokes, who said he would always do his best by his clients and that the Thomson-Moores were his friends.
Mr Magnier, in his evidence, has said that in early October 2023, he asked what was happening with any deal and was told by Mr Stokes: 'One word, John: Greed.'
'I did not say the word 'greed',' said Mr Stokes.
Mr Stokes did not deny that after a phone call from crime journalist Paul Williams who allegedly said Mr Regan was considering injuncting the sale, he wrote a note saying 'the general consensus is that Regan is behaving like an absolute pig'.
When Coolmore threatened legal action against Barne, Mr Stokes said that Mr Magnier said it was 'not where anyone wants to be' and that it would give him no pleasure to litigate the matter.
Mr Stokes said that Mr Magnier told him he was 'at war, sorry' with Mr Regan and that the Thomson-Moores were 'caught up in it'.
'I suppose he [Mr Magnier] doesn't like getting gazumped,' said Mr Stokes.
By the end of September, the decision had been made to let the exclusivity expire because of an increased offer of €20 million from Mr Regan. Mr Stokes said the offer was of 'life-changing money'.
Mr Regan finally offered €22.25 million and was made the preferred bidder.
Mr Regan is not a party to the case.
The case continues before Mr Justice Max Barrett.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
5 hours ago
- Irish Times
Hotelier Noel O'Callaghan takes legal action against two sons
Hotelier Noel O'Callaghan claims in Commercial Court proceedings that two of his sons, who took over the running of his business in 2016, have excluded him and prevented him from exercising his right to retake control. Mr O'Callaghan (74) stepped back in 2016 from the business he built from scratch over 40 years. The first hotel his group acquired was the Mont Clare in Dublin in 1984. In addition to five hotels it operates, it also owns the 450-acre Mountarmstrong stud farm outside Cashel in Co Tipperary, along with around 100 rent apartments owned by Só Living. In his proceedings, Mr O'Callaghan claims he stepped down from the day-to-day management of the group to focus on Mountarmstrong and his bloodstock business, leaving the day-to-day running to his sons. READ MORE The transfer was done ahead of his 66th birthday in order that substantial capital gains tax relief would not be lost. It is claimed that, in agreeing the transfer of his shares in Saira Co Dublin Unlimited Company, in which he is a director along with his sons Paul and Charles who now run the group, he wanted a 'fallback position in the event of any future dispute' whereby he could retake control of Saira. Accordingly, Paul and Charles, along with his third son Bryan who was involved in the business until he departed in 2023, signed a form of proxy appointing their father to act as each of their proxy and vote on their behalf at meetings of the Saira board. The proxy is still extant and binding, it is claimed. As part of the 2016 agreement, Mr O'Callaghan snr was to be paid an annual salary of €500,000 for the rest of his natural life and to have his credit card expenses discharged along with the benefit and control of Mountarmstrong. After Bryan left in 2023, a new shareholders' agreement was made but, it is claimed, this did not replace the 2016 agreement. The stud farm, which comprises a large number of racehorses, was operated by Saira subsidiary, Sherborough Development Co Unlimited Company, and Noel O'Callaghan is the full or partial beneficial owner of the bloodstock, it is claimed. It is alleged that, since 2024, Paul and Charles have attempted to exercise control over the bloodstock with instructions for valuations and sales of some animals done without their father's consent. In 2024, Noel sold his interest in a commercial property called the Archers Building in Fenian Street, Dublin, to Saira. It is claimed that there was a failure to disclose KBC Bank was negotiating the surrender of its lease on the building, which was eventually done for €16.6 million, and this resulted in an undervaluation of the building at the time the father sold his interest. It constituted a material non-disclosure and secret profit, it is claimed. Noel O'Callaghan's relationship with Paul and Charles began to deteriorate in 2024 with the purchase of residential properties in Warrenpoint for their personal use, the withdrawal of instructions to prepare board packs for directors' meetings and the payment of a dividend of €3.2 million to the two sons. When Noel challenged these decisions, his sons began to 'freeze' him out by removing clerical support and the cancellation of payments to him by Saira, including health insurance. The proceedings by Noel are against Paul and Charles O'Callaghan, Saira and Sherborough. On Monday, the case was admitted on consent to the Commercial Court on the application of Martin Hayden SC who said, in reply to a question from Mr Justice Mark Sanfey, that mediation had been tried already. The judge said in cases involving close family members mediation was desirable. He approved agreed directions for the progress of the case and adjourned it to November.
Irish Times
5 hours ago
- Irish Times
McKillen jnr sues receivers over taking possession of three properties
Paddy McKillen junior is in a dispute with receivers who took possession of three valuable Dublin office properties, allegedly due to millions of euro in rent arrears on them. Perfect Stripe Ltd, trading as Grafter, is suing Ken Fennell and Brendan O'Reilly, of Interpath Advisory, who were appointed joint receivers over three companies which rented the properties at Stephen's Green, Leeson Street and Ely Place from Perfect Stripe. The three companies, Wonderbay Ltd, Crossville Properties Ltd and Discovery Dawn Ltd (all in receivership) were McKillen group-related firms. Perfect Stripe claims that on the morning of June 23rd, agents of the receivers broke into the properties having unlawfully purported to have forfeit the leases. The locks were changed and Perfect Stripe and its agents were prevented from gaining access. The claim of breaking in is denied. READ MORE The purchase of the buildings was funded largely through loans from RELM Loan Opportunities DAC, which appointed the receivers after calling in the loans. Perfect Stripe says the forfeiture happened despite discussions with the defendants about rent adjustments. It believed the parties were negotiating in good faith and that no steps would be taken towards any enforcement until those negotiations concluded. The defendants claimed the sums due on each of the properties in rent arrears at the time was some €2.7 million for Stephen's Green, around €321,000 for Ely Place and some €530,000 for Leeson Street. Perfect Stripe, in its statement of claim, says the defendants have unlawfully forfeited the properties 'under the guise of seeking inflated amounts in excess of the interest due' under the loan agreements. It also says they have 'misappropriated the plaintiff's business in order to achieve a higher sales price for the properties'. On Monday, Mr Fennell and Mr O'Reilly, in their capacity as receivers of the three defendant companies, applied to have the dispute admitted to the fast track Commercial Court. James Doherty SC, for the defendants. said the total debt now due in arrears was in excess of €4.1 million and the leases were forfeited and possession taken some five weeks ago. Counsel said there was mediation for a short time which was unsuccessful. The claim of misappropriation by the defendants of the business to themselves is 'wholly without foundation', he said. Counsel also disputed a claim by Marcus Dowling SC, for Perfect Stripe, that from his client's perspective, what had happened was the receivers agents breaking into the premises in the middle of the night. Mr Dowling said his side was neutral on the application to admit the case to the commercial list. Mr Justice Mark Sanfey said it was clearly a matter suitable for entry to the Commercial Court. He approved agreed directions and adjourned the matter to later this year.
Irish Times
6 hours ago
- Irish Times
Donald Trump tells Moscow to reach peace deal with Kyiv in 10-12 days or face severe tariffs
Donald Trump has given Russia '10 or 12 days' to reach a peace deal with Ukraine. The US president slashed the 50-day deadline he had issued to Moscow earlier this month to end Europe's biggest war since 1945 or face 'severe' tariffs on its trade. Ukraine welcomed Mr Trump's intention to bring the deadline forward by almost a month and his admission he was 'very disappointed' by Russian president Vladimir Putin and 'not so interested in talking [to him] any more'. 'I'm going to make a new deadline of about 10 or 12 days from today. There's no reason in waiting … I want to be generous, but we just don't see any progress being made,' Mr Trump said beside British prime minister Keir Starmer in Scotland on Monday. READ MORE Earlier, as the leaders stood on the steps of his hotel in Turnberry, Mr Trump said: 'We thought we had it settled numerous times. And then president Putin goes out and starts launching rockets into some city like Kyiv and kills a lot of people in a nursing home or whatever. You have bodies lying all over the street, and I say, 'That's not the way to do it'.' Mr Trump said he had 'spoken to president Putin a lot. I always got along with him very well', but was now 'very disappointed in him'. Since Mr Trump started his second term at the White House in January, Ukraine has urged him to put more pressure on Russia to abandon its full-scale invasion of almost three-and-a-half years, which he said he would be able to end 'in one day' during his re-election campaign. Kyiv agreed in March to a US proposal for a full 30-day ceasefire if Russia also pledged to stop fighting, but over summer the Kremlin's forces have intensified ground attacks on eastern Ukraine and drone and missile strikes across the country. Andriy Yermak, chief of staff to Ukrainian president Volodymyr Zelenskiy , quickly thanked Mr Trump on social media 'for standing firm and delivering a clear message of peace through strength' and for 'shortening the timeline he gave Putin, because he believes the answer is obvious'. 'Putin respects only power – and that message is loud and clear. When America leads with strength, others think twice,' Mr Yermak said. Mr Zelenskiy is pushing for a peace summit with Putin, but says Ukraine will not accept terms that would amount to capitulation – including demands currently set out by Moscow. The Kremlin insists it respects Mr Trump's push for peace and is willing to hold talks, but only when Ukraine accepts the permanent occupation of five of its regions, abandons any hope of joining Nato and complies with other restrictions on its sovereignty. Mr Trump announced on July 14th he would impose 'severe' tariffs on some Russian exports and on countries that buy them unless a peace deal was agreed within 50 days. The main target would be oil, which is still a huge revenue-earner for the Kremlin and a major contributor to its war chest. Russia's army enjoys a large advantage over Kyiv's forces in numbers and arms supplies and it continues to make slow gains in parts of eastern Ukraine. Ukrainian troops are holding their ground in most areas and claim to have retaken some territory in the northern border region of Sumy in recent days. Russian national airline Aeroflot cancelled dozens of flights on Monday due to what it called an IT fault. Two pro-Ukrainian hacker groups said they had destroyed thousands of the company's servers and stolen a vast amount of passenger and other data.
