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Irish Times
6 days ago
- Business
- Irish Times
‘I came here for protection': John Magnier complains about ‘unfair' treatment in court
Billionaire businessman John Magnier has accused a barrister representing the Barne Estate owners of 'slaughtering' him and trying to take away his good name. The bloodstock magnate addressed Martin Hayden on the third day of the hearing of his case alleging the property owners reneged on a deal, sealed with a handshake, to sell the 751-acre estate to him for €15 million. Mr Magnier, his son John Paul Magnier and his daughter Katherine Wachman are suing Barne Estate owner Richard Thomson-Moore and three companies of IQEQ (Jersey), the holding company of the estate shares, over the purported sale they say occurred on August 22nd, 2023, at Mr Magnier's home in Coolmore. They claim the Thomson-Moores backtracked on the agreement and accepted an offer from American-based businessman Maurice Regan for €22.25 million. READ MORE In the Commercial Court in Dublin on Thursday, Mr Magnier told Mr Hayden, senior counsel for the Thomson-Moores, he feels he was treated 'unfairly' in the witness box on Wednesday. 'I got a lot of praise at the start. You ended up taking my good name. I can't do business without my good name,' he said. 'They (the Thomson-Moores) wouldn't have done a deal with me without my good name. I came here for protection and not to be slaughtered'. Mr Magnier said he is not a 'legal person' and left that to others. Every day he received an update on his bloodstock business, which covers 6,000 mares a year. He also gets a daily update on his businesses in the UK, which employ 18,000 people. Mr Magnier went on to accuse Mr Hayden of repeatedly asking him the same questions. He is not a 'Pontius Pilate' washing his hands of the deal he had made with the Thomson-Moores. 'If I say something to you, it's the truth'. Mr Justice Max Barrett interjected to say Mr Hayden is doing his job and, in the judge's opinion, 'had not strayed at all yesterday'. Mr Hayden also said he is doing his job to the best of his ability and there are always two sides to every story. The judge said Mr Magnier and Mr Hayden are 'decent and honorable gentlemen, let's leave it at that'. In his evidence, Mr Magnier said only Mr Stokes had mentioned on the night of August 22nd, 2023, that the sale needed the approval of the trustees based in Jersey. According to Mr Magnier, Mr Stokes said they needed to phone the trustees and Mr Thomson-Moore's sister Alex about the deal. They adjourned to another room and, when they returned and shook hands, Mr Magnier believed the outside parties had given their approval. Mr Magnier's case alleges Mr Thomson-Moore 'had the authority or expressly represented that he had the authority' when he agreed to sell the farm, Mr Hayden said. Mr Magnier responded: 'I didn't say he had authority on the night. I assumed he had authority. It was his farm as far as he was concerned.' Mr Hayden said all property deals are subject to contract, and Mr Magnier was not going to send €15 million via Revolut to the Thomson-Moores without paperwork. Mr Hayden suggested Mr Magnier had entered into an exclusivity agreement with the Thomson-Moores for the land because he knew he did not have a binding legal contract for it. Mr Magnier rejected this suggestion, saying he only entered into an exclusivity agreement because Mr Regan was attempting to interfere in the sales process.
Irish Times
7 days ago
- Business
- Irish Times
Barne Estate trial: ‘I'm not the bad guy here', John Magnier tells court
Billionaire businessman John Magnier has said money does not mean much to him except as a way 'to keep the score'. Giving evidence on the second day of the trial over the Barne Estate in Co Tipperary, Mr Magnier said he has had good days and bad days in business, but the good days outweigh the bad. 'I've been fortunate,' he told the Commercial Court, confirming he is a billionaire. Mr Magnier, his son John Paul Magnier and his daughter Katherine Wachman are suing Barne Estate owner Richard Thomson-Moore and three companies of IQEQ (Jersey), the holding company of the estate shares, over a purported sale that occurred on August 22nd, 2023. READ MORE They allege Mr Thomson-Moore agreed to sell the 751-acre estate to Mr Magnier for €15 million in a deal, sealed with a handshake, at Mr Magnier's home in Coolmore. They claim the Thomson-Moores reneged on the sale and accepted an offer from American-based businessman Maurice Regan for €22.25 million. On Wednesday, Mr Magnier said he thought he had struck a deal at his Coolmore home when he shook hands with the auctioneer John Stokes and Mr Thomson-Moore and his wife Anna on the evening of August 22nd. Mr Thomson-Moore's senior counsel Martin Hayden put it to him that Mr Magnier had bought a huge amount of property in Ireland and overseas. The barrister asked if he understands the meaning of the phrase 'subject to contract'. Mr Magnier replied: 'I left school when I was 15. I haven't a good education. I employ people to do things on my behalf .... I don't understand I'm not a solicitor. Whatever goes on in the legal side of our business, it is nothing I deal with.' He said he does not understand this 'legal jargon', but has 'people better than me looking after it'. Mr Magnier said he never had any problems buying other properties. He was pressed on whether or not he agreed with the auctioneer Mr Stokes, who said 'greed' was the motivating factor for the Thomson-Moores seeking a higher price. Mr Magnier said the lawyers was 'trying to put words in my mouth'. This was Mr Stokes's view, not his. 'I wouldn't say they were greedy, if you ask me. I don't think they are greedy. I think they have been misled by Mr Regan,' he said. Mr Magnier told the court he does not know how much land he owns in Co Tipperary, but a suggestion that he might own as much as 20,000 acres was 'totally false'. He owns very little land in his own name. 'I have five children and 15 grandchildren. We have a lot of employees who are in partnership with us and some start businesses on their own in Ireland.' Mr Magnier confirmed he knew the Thomson-Moores wanted to sell the farm, which had been in the family since the mid-17th century. He knew they wanted to move to Australia to get better medical treatment for their severely disabled son. Mr Heyden suggested there is a disparity between a billionaire and a family, whose only asset is the farm and who were being offered €7.2 million more than he had offered. 'Do you say that was greed?' Mr Heyden asked him. Mr Magnier responded: 'You're trying to portray me as the bad guy here. Nobody else would have given them €15 million, including him (Mr Regan). There is no question. We were fair and honourable with them all the way.' Mr Magnier said Mr Regan wanted to depress the price of farmland in Co Tipperary and he (Mr Magnier) would not agree to it. 'It was personal with Mr Regan,' he said. He was pressed on whether or not he was buying the farm or the company that owned the farm when he agreed to the sale on August 22nd, 2023. He said his preference is for the farm, but he would keep an open mind on it, subject to his experts examining the accounts.
