Latest news with #CoolmoreStud
Irish Times
3 days ago
- Business
- Irish Times
Susan Magnier backs billionaire husband John, claiming €15m land deal was agreed before being reneged upon
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. READ MORE 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.
BreakingNews.ie
3 days ago
- Business
- BreakingNews.ie
Susan Magnier backs billionaire husband John over alleged €15m land deal
Susan Magnier, the wife of billionaire John Magnier, has told the High Court of kitchen table negotiations which led to a €15 million 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 €15 million 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. Advertisement 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 €22.25 millon 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. Advertisement They say the deal was struck at an August 22nd, 2023, kitchen meeting at Mr Magnier's Coolmore home. 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. Advertisement 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, when the purchase was allegedly agreed. 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 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". Advertisement "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 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. Ireland Billionaire Magnier claims his name being 'slaught... Read More 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. Advertisement 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.
Irish Examiner
3 days ago
- Business
- Irish Examiner
Susan Magnier backs billionaire husband John over alleged €15m land deal that collapsed
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.
BreakingNews.ie
5 days ago
- Business
- BreakingNews.ie
Billionaire John Magnier tells court that some decisions are 'out of my pay grade'
Billionaire John Magnier has told the High Court that a cross-examining barrister was "trying to portray me as a bad guy" in a case where he claims he had agreed a deal to buy land in Co Tipperary that eventually failed when the owners later preferred a higher bidder. Mr Magnier on Wednesday also told the High Court that he employed experts in legal and financial fields because some advisory decisions were "out of my pay grade". Advertisement The founder of the world-famous Coolmore Stud also said that when he asked about what happened with his €15 million bid that he claims he had shaken hands on in 2023 but for which he was later out-bid, he was told by the estate agent involved: "One word, John: greed." Lawyers acting for Mr Magnier 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, having reneged on the alleged deal, preferred 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 claims that Mr Regan's involvement and pursuit of the land breached an exclusivity agreement made on the purported deal between representatives of the estate and Mr Magnier. Advertisement Mr Magnier – along with his adult children, John Paul Magnier and Kate Wachman - wants to enforce the alleged deal. They say the deal was struck at an August 22nd, 2023, kitchen meeting at Mr Magnier's Coolmore home. 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 Magniers have 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. Advertisement The Barne defendants say there was never any such agreement and subsequently they preferred to sell the estate to Mr Regan. Mr Regan is not a party to the case. At the High Court, Mr Magnier confirmed his billionaire-class status in cross examination when asked by Martin Hayden SC, for the defence, by saying "I'd hope so – I've been fortunate". Mr Magnier said he was aware of a medical condition that was in need of treatment in the Thomson-Moore family and that they were selling the land in order to move to Australia to get better medical treatment for a family member. Advertisement Mr Magnier said he did not think the Thomson-Moore family were "greedy", that he dealt with them in a "fair and honourable way" and that the comment about alleged "greed" was something that was spoken to him by the estate agent. He told the court that he believed the Thomson-Moores could have been "misled" by Mr Regan in the deal, who Mr Magnier alleged, wanted to keep land prices in Tipperary down. Mr Magnier also told Mr Hayden that he did not think that the Thomson-Moores were behaving in a "greedy" manner when preferring Mr Regan's offering which was €7.25M in excess of his own. Mr Magnier told Mr Hayden that he left school at 15 with "not a very good education" and that he employed "experts" in legal and finance matters to aid his business decisions because it was "above my pay grade". Advertisement The billionaire was asked by Mr Heydon how much land he personally owned in Tipperary and answered said "very little" but that reports of him owning 20K acres were "totally false". Business John Magnier claims Maurice Regan is funding Barne... Read More Mr Magnier said that he has five children and 15 grandchildren, that his operation employs 1,300 people and that he would not do deals on distressed properties or people under duress to sell. When Mr Hayden asked about Mr Magnier's wealth, the billionaire said that money does not mean much to him but that it was a way to "keep the score" on "good and bad days" in business. Mr Paul Gallagher SC, for Mr Magnier, has said Mr Regan was "the man who started all this". Counsel said the US-based businessman had a "grandiose and mistaken" belief that the sale should not go ahead to Mr Magnier and set out to "destroy" the agreement to purchase Barne. The trial continues before Mr Justice Max Barrett.
Irish Examiner
5 days ago
- Business
- Irish Examiner
John Magnier tells court defence is trying to portray him as the 'bad guy' in Tipperary land dispute
Bloodstock billionaire John Magnier has told the High Court a cross-examining barrister was "trying to portray me as a bad guy" in a case where he claims he had agreed a deal to buy land in Co Tipperary that eventually failed when the owners later preferred a higher bidder. Mr Magnier on Wednesday also told the High Court he employed experts in legal and financial fields because some advisory decisions were "out of my pay grade". Mr Magnier has told the High Court when he enquired about what happened with his €15m bid he claims he had shaken hands on in 2023 but for which he was later out-bid, he was told by the estate agent involved: "One word, John: greed." 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 €15m. Mr Magnier's proceedings claim Barne Estate, having reneged on the alleged deal, preferred 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 claims Mr Regan's involvement and pursuit of the land breached an exclusivity agreement made on the purported deal between representatives of the estate and Mr Magnier. Mr Magnier — along with his adult children, John Paul Magnier and Kate Wachman — 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 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 Magniers have 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 and subsequently they preferred to sell the estate to Mr Regan. Mr Regan is not a party to the case. At the High Court, Mr Magnier confirmed his billionaire-class status in cross examination when asked by Martin Hayden SC, for the defence, by saying: "I'd hope so — I've been fortunate". Mr Magnier said he was aware of a medical condition that was in need of treatment in the Thomson-Moore family and they were selling the land in order to move to Australia to get better medical treatment for a family member. Mr Magnier said he did not think the Thomson-Moore family were "greedy", that he dealt with them in a "fair and honourable way" and the comment about alleged "greed" was something that was spoken to him by the estate agent. He told the court he believed the Thomson-Moores could have been "misled" by Mr Regan in the deal, who, Mr Magnier alleged, wanted to keep land prices in Tipperary down. Mr Magnier also told Mr Hayden he did not think the Thomson-Moores were behaving in a "greedy" manner when preferring Mr Regan's offering, which was €7.25m in excess of his own. Mr Magnier told Mr Hayden he left school at 15 with "not a very good education" and that he employed "experts" in legal and finance matters to aid his business decisions because it was "above my pay grade". The billionaire was asked by Mr Heyden how much land he personally owned in Tipperary and he answered "very little" but reports of him owning 20,000 acres were "totally false". Mr Magnier said he had five children and 15 grandchildren, that his operation employs 1,300 people, and he would not do deals on distressed properties or people under duress to sell. When Mr Hayden asked about Mr Magnier's wealth, the billionaire said money did not mean much to him but it was a way to "keep the score" on "good and bad days" in business. Mr Paul Gallagher SC, for Mr Magnier, has said Mr Regan was "the man who started all this". Counsel said the US-based businessman had a "grandiose and mistaken" belief that the sale should not go ahead to Mr Magnier and set out to "destroy" the agreement to purchase Barne. The trial continues.
