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Irish Independent
5 days ago
- Business
- Irish Independent
JP Magnier handed €50k in brown' envelopes to estate agent in Tipperary land sale, High Court hears
The High Court has heard that billionaire bloodstock magnate John Magnier's son, JP, handed over two "brown" envelopes containing a total of €50K in cash to an estate agent involved in a failed €15m property deal which were delivered to the beneficiaries of the estate as a show of "appreciation". The court also heard that a solicitor involved in the proposed conveyance of Barne Estate, Co Tipperary, the subject of a legal action by John Magnier - who alleges a €15m deal was reneged upon by the vendors - has told the High Court that an agreement was in place between the parties before an exclusivity document was signed. Joseph Fitzpatrick, of Smithwick Solicitors, was giving evidence in the hearing today and told counsel for the Barne Estate that he secured an exclusivity agreement signed by both sides to run from August 31 to September 22 after hands were allegedly shaken on the 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 the 751-acre tract. 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. The Magnier side says 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. Mr Magnier's son, JP, told Paul Gallagher SC, for the Magnier side, that his father asked him to get €50k in cash on September 8, 2023, and to put it into two envelopes to be given to the Thomson-Moores. He said the money was an "appreciation" for letting the Magnier side onto the Barne land, for their loyalty in honouring the deal and because they were allegedly "cash strapped". JP Magnier said he put the money into two envelopes and gave it to the estate agent at Barne Estate for them to be passed on to the Thomson-Moores. On September 11, 2023, however, he said the estate agent met with JP Magnier and "pushed" the envelopes in his direction, saying that the Thomson-Moores were concerned that their farm manager may have seen the original transaction. Niall F Buckley SC, for the Barne side, asked what colour the envelopes were and was told by JP Magnier that they were brown. Mr Buckley put it to JP Magnier that the envelopes were to keep the Thomson-Moores "sweet", as John Magnier was concerned they were going to pull out of the deal. JP Magnier said his father never said that to him. "I take it you didn't ask for a receipt?" asked Mr Buckley. JP Magnier replied: "No." "Doesn't that say it all," remarked Mr Buckley. "Knowing what you did about my clients' family circumstances and the need for them to provide for their child and given the vast amount of land you have, did it ever occur to you to let this one go?" "It wouldn't be my call," said JP Magnier. Mr Fitzpatrick told Martin Hayden SC, for the Barne Estate, that the exclusivity agreement was not to further any negotiation but to keep the "status quo" of the alleged sale agreement in order to further the preparation and receipt of the contracts. "Exclusivity was not for negotiations going forward but to facilitate the contract," said Mr Fitzpatrick. Mr Fitzpatrick said Mr Magnier had deposited €15M in the Smithwicks' client account before any purported contract was signed in order to "show good faith". However, a week before the exclusivity agreement expired, the Thomson-Moores said they were taking tax advice, he said. "We invited them to a meeting and that was refused, then the extension of the exclusivity was refused. It was clear they had no intention of signing with us and were running down the clock," said Mr Fitzpatrick. The case continues in two weeks' time before Mr Justice Max Barrett.
The Journal
6 days ago
- Business
- The Journal
Son-in-law of billionaire John Magnier denies engaging in 'ruse' in bidding on Tipperary farm
BLOODSTOCK BILLIONAIRE JOHN Magnier's son-in-law has denied engaging in a 'ruse' by using third parties to bid on a Tipperary farm before allegedly 'low-balling' the vendors with a €10 million offer. At the High Court today, Magnier's son-in-law David Wachman said it was 'common practice' to start bidding at a level lower than the vendor's valuation for any property and that price expectations had to be 'controlled'. Lawyers acting for Magnier, founder of the world-famous Coolmore Stud, have claimed that a US-based construction magnate, Maurice Regan, the preferred buyer, engaged in a 'full-frontal assault' on Magnier's claimed deal to buy the 751-acre tract. 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 Regan, the founder of the New York building firm JT Magen. Magnier – along with his adult children – wants to enforce the alleged deal. They say the deal was struck at a 22 August 2023 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 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 agreement and subsequently they preferred to sell the estate to Regan. Regan is not a party to the case. Paul Gallagher SC, for the Magnier side, was told by Wachman that Regan 'was always of the opinion that we shouldn't bid against each other', as this would generally mean the two strongest bidders, in this case Mr Magnier and Mr Regan, would increase land prices in Tipperary. Advertisement Wachman told Niall F Buckley SC, for the Barne Estate, that Coolmore were interested in Barne and by July 2023 co-ordinated a bid of €10.5m through a third party acting on behalf of a 'wealthy UK investor'. They did not inform the Thomson-Moores, who sought €13.5m for the estate, of Coolmore's involvement. Another third party who did not disclose to the vendor that Coolmore was also using him had earlier pulled out of bidding and when both third parties withdrew 'it left Coolmore as the only one left on the pitch', Wachman said. Wachman confirmed that the third parties were already known to the Barne Estate. Buckley said this strategy amounted to a 'ruse' and a 'backstory' by Coolmore regarding their interest in the property, which was not on the open market. Buckley said not long after the first bid, Coolmore submitted a bid of €10m in what was, he alleged, a 'deceptively low bid'. Wachman said the strategy was engaged to 'control expectations' on the value of the estate. Wachman said information on the third-party bids reaching the Coolmore side from the estate agent showed the agent to be trustworthy. 'We then knew the agent was telling the truth,' said Mr Wachman. 'You may have a rationale but the vendors were the casualties in that,' said Buckley. Counsel further suggested that Coolmore were using people known to the Barne Estate to 'advance veiled inquiries'. Buckley said that Regan will dispute the claim that he wanted to suppress land prices in the area and that his eventual bid of €22.5m was inconsistent with this claim. Wachman told counsel that it was inconsistent with the land-price suppression claim because Regan 'had a bee in his bonnet' after learning of the alleged agreement between Barne and the Magnier side. Buckley said the 'low-ball' offers from the Magnier side were more consistent with price suppression. Wachman said it was 'common practice' to start at a lower price and added that the eventual bid from the Magnier side was €15m. The hearing continues before Justice Max Barrett. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Time of India
05-05-2025
- Politics
- Time of India
Leaders condemn temple desecration in Pune; BJP targets Supriya Sule for 'soft response'
Leaders across political parties have deplored the alleged desecration of an idol at a temple in Maharashtra's Pune district and demanded stern action against those involved. In a post on X on Sunday, NCP (SP) leader and Lok Sabha member Supriya Sule urged the government to act decisively. #Pahalgam Terrorist Attack Inside Operation Tupac: Pakistan's secret project to burn Kashmir Who is Asim Munir, the Zia-style general shaping Pakistan's faith-driven military revival 'Looking for partners, not preachers': India's strong message for EU amid LoC tensions "A young man has committed an inappropriate act at the Annapurna Devi temple in Paud village. This incident is extremely disgusting and infuriating. No sensitive person can possibly tolerate such behaviour," she wrote in the post. A 44-year-old man was arrested and his 16-year-old son detained after the latter allegedly desecrated the idol in Paud village, police had said earlier. "I urge the government to take the strictest possible action against him immediately. We firmly believe that no one who disrupts social harmony should be spared or forgiven," said Sule, who represents the Baramati Lok Sabha seat. Shrirang Barne, Shiv Sena MP from Maval, also labelled the desecration a deliberate act aimed at hurting Hindu sentiments . "We will not tolerate the insult of our religion," Barne said. Live Events "This is not just the act of an unstable individual but a conscious attempt to provoke. A bandh has been called in Mulshi Taluka, and it has received support from the Hindu community. We firmly demand the harshest punishment for the guilty," Barne said on Sunday. However, the condemnation by political parties took a different turn on Monday when BJP MLC Chitra Wagh attacked Sule for not "naming" the accused. In a post on X, Wagh accused Sule of indulging in appeasement politics and not showing the same sensitivity she often does on international issues. "What's the matter, elder sister of Baramati? You usually put on a show of being extremely sensitive, passionately expressing your views even on matters like the Russia-Ukraine war. But when a disgusting and outrageous incident occurred in your own constituency, all you did was post a four-line tweet and stay silent," asked the BJP leader. Wagh called the alleged desecration a message threatening Hindu women. She said the Hindu community "may never be able to forgive" Sule for her "silence".
