Heir of Barne Estate 'shocked' by €50k brown envelope 'luck penny' offer from John Magnier
Richard Thomson-Moore was giving evidence at the High Court today in his defence relating to the failed €15m agreement.
Magnier wants the court to enforce the deal he claims he sealed with Thomson-Moore in a handshake agreement for the 751-acre farm in Tipperary on 22 August 2023, which took place at Magnier's Coolmore home.
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 deal. They subsequently preferred to sell the estate to billionaire Maurice Regan for over €20m.
Thomson-Moore has told the court that while a 'price' was agreed with Magnier for Barne, a 'deal' was not.
After agreeing on €15, Barne and the Magniers entered into an exclusivity agreement stipulating that the estate would not permit itself or its representatives to solicit or encourage any expression of interest, inquiry or offer on the property from anyone other than Magnier between 31 August to 30 September 2023.
The trustees who hold the estate initially decided to remain loyal to the Magnier offer and felt Regan's higher offer could be seen as 'provocative'. After the exclusivity period had ended, the trustees decided to go with Regan's offer.
The court has heard that on 7 September 2023 – two weeks after Magnier claims he shook hands with Thomson-Moore on the deal for the Barne Estate – Magnier called to Barne with his son, JP.
The Thomson-Moores have told the court their estate agent, John Stokes, who had walked out with the Magniers, returned to the house with two brown envelopes given to him by JP containing a total of €50,000 in cash – €25,000 in each.
Thomson-Moore told the court that he did not interrogate Stokes about the purpose of the envelopes and that Stokes explained their offering as a 'luck penny'.
A 'luck penny' is an amount of money given by a buyer to the seller after a deal is done to bring good luck.
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The Magnier side have told the court that the money was a token of 'appreciation' to the Thomson-Moores for letting the Magnier side onto the land before any sale was finalised.
The Magnier side were ultimately gazumped by US-based construction magnate Regan, who offered a final €22.25m, and was made the preferred bidder.
Regan is not a party to the case.
At the High Court today, Thomson-Moore said the delivery of the money to their Barne home caused him 'shock' and he felt the offer of 'envelopes stuffed with cash' was 'untoward'. The money was later returned by the Thomson-Moores.
Thomson-Moore told defence barrister Niall Buckley SC that a guide price of €13.5m had been advertised by the selling agents, which he thought was underpriced. He said he believed the property to be worth between €17.5m and €20m based on a comparator property in Kildare.
Thomson-Moore said that Magnier's retort to this valuation was 'slightly hostile' before an offer of €15m was accepted by the Thomson-Moores at the Coolmore kitchen meeting.
Caren Geoghegan SC, for the Magniers, asked Thomson-Moore about lists drawn up detailing the contents of the Barne mansion and asked why there were two lists – one 'complete' list with a separate incomplete list going to the trustees of the estate.
Thomson-Moore said that after the Magnier offer, he was in talks organising an auction of the contents of Barne with Mealy's auction house.
Geoghegan put it to Thomson-Moore that his intention at this time was to give one list to the trustees that did not disclose all the items in the house.
She put it to him that his intent was to not disclose 'high-value items' to the trustees of the estate, which he denied.
'There is no ambiguity about the intention,' said Geoghegan, 'a complete list and then a separate list for trustees.'
Thomson-Moore said 'it didn't happen' but added: 'that is what it looks like, though, yes'.
The case continues before Mr Justice Max Barrett.
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