Susan Magnier backs billionaire husband John, claiming €15m land deal was agreed before being reneged upon

Irish Times

a day ago

Susan Magnier, the wife of billionaire John Magnier, has backed her husband's claim at the High Court, saying that an alleged deal was agreed for a large tract of farmland in Co Tipperary, which later collapsed when a higher bidder was preferred over their offer of €15 million.
At the High Court on Friday, Mrs Magnier told Caren Geoghegan SC, for the Magniers, that she was present at kitchen table negotiations over the property when the vendors received their €15 million offer.
Mrs Magnier said the 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 to accept the Magniers' offer.
Mrs Magnier, who appeared by video link, said that all parties then had a 'light-hearted' dinner.
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Lawyers acting for Mr Magnier, founder of Coolmore Stud, have claimed before the High Court that the preferred buyer, US-based construction magnate Maurice Regan, engaged in a 'full frontal assault' on Mr Magnier's claimed deal to buy 751 acres of land.
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 and his adult children want to enforce the alleged deal.
They say the deal was struck during a meeting on August 22nd, 2023, at Mr Magnier's Coolmore home in Co Tipperary. 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.
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.
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 22nd, 2023.
Mrs Magnier claims that after the Thomson-Moores were offered the €15 million, 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. They went to another room to do this, she said.
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 Mr Stokes will give evidence that he never said the trustees were going to be contacted on the night. He added that phone evidence will show no trustee was contacted immediately after the offer.
Farm manager at Coolmore, Joe Holohan, who was also present at the kitchen table meeting, said Mr Magnier wanted to get a deal done on the night as there was 'no messing around' with him.
Mr Holohan claims that Mr Stokes and the Thomson-Moores left the kitchen saying they had to go to make phone calls. He added that when they returned to the table, Mr Stokes was smiling 'from ear to ear' and all parties then shook hands.
The case continues before Mr Justice Max Barrett next week.