Latest news with #Magnier
Extra.ie
2 days ago
- Business
- Extra.ie
John Magnier's wife: €15m deal was sealed over drinks...then we all had dinner together
The wife of billionaire John Magnier has told the High Court about the meeting she and her husband hosted at Coolmore Stud, in a bid to seal a deal for a neighbouring farm. Susan Magnier, 71, the daughter of legendary Irish trainer Vincent O'Brien said she had asked her staff to ensure there was dinner available for Barne Estate owners Richard Thomson-Moore and his wife Anna. The court heard how the couple were welcomed at the front door at around 8pm on August 22, 2023, and were shown into the open-plan kitchen-dining area, where the meeting was held around the long kitchen table, which can seat 16. John Magnier. Pic: Collins Courts Ms Magnier sat at one end of the table, while her husband was seated at the other, with selling agent John Stokes and farm manager Joe Holohan to one side, and the Thomson-Moores to the other. A member of staff served drinks, while another was ready to serve food if required, she said. Giving evidence by videolink, Ms Magnier said Mr Stokes had been told by her husband that the Thomson-Moores should come to Coolmore only if they wanted to do a deal to sell the 751-acre Tipperary property. Susan Magnier. Pic: OLIVIER LABAN-MATTEI/AFP via Getty Images The Magniers were preparing to travel to Brussels the following day, to watch their grandchildren compete in a show-jumping competition. 'My husband John would have told me that's what the hope was, that he could do a deal that night,' she said. Earlier yesterday, Mr Magnier, 77, had explained: 'I wasn't going to leave a bid of €15million on the table while I went off show-jumping with the grandchildren. Richard Thomson Moore and Anna Thomson Moore. Pic: Tom Honan 'That's the reason I went from €11.25million to €15million, so we would have absolute certainty, and that was the basis on which they came to the house.' Mr Magnier has sued Richard Thomson-Moore and the holding company of the Barne Estate shares, in a bid to secure the deal he contends was made to buy the land for €15million on August 22, 2023. Construction magnate Maurice Regan made a later bid of €22.5million for the farm, and the sale is on hold pending the outcome of the case. Ms Magnier said Anna Thomson-Moore made small talk, but 'never opened her mouth' about the land negotiations. She said the main business of the night was discussed between her husband and Mr Stokes. 'I know we finished up on €15million,' she said. After saying they were going to call the trustees and Mr Thomson-Moore's sister, she said Mr Stokes returned, closely followed by the Thomson-Moores. 'Mr Stokes came through the door first,' she said. 'He was very elated and said the deal was done. He was directly followed by the two Thomson-Moores, who were clearly delighted the deal was done,' she said. 'Everybody was happy. We all shook hands… I asked them would they stay for dinner, and they said they would.' The conversation over dinner was 'light and light-hearted', she said. Farm manager Joe Holohan, who has worked for Mr Magnier for more than 35 years, confirmed he was also at the meeting, and was 'honoured' to be asked. 'To be there at a deal being done by Mr Magnier and that – it was going down in history,' Mr Holohan said. He said Mr Magnier had admired the farm for many years, and that they went to see it immediately after Mr Stokes confirmed it was on the market. He recalled overhearing a phone conversation in the car between Mr Regan and Mr Magnier's son-in-law, David Wachman, after Mr Regan learned of the Coolmore 'deal' for the farm. He said of Mr Regan: 'He was giving out a lot. He said he would give €5million more for it. He was well agitated, I assure you.' Yesterday morning, Mr Magnier told the court Mr Regan outbid him for land right beside Coolmore on a previous occasion. He said Mr Regan now lived next door to him, saying: 'I hope we are going to be good neighbours… He's right beside us. I can see him from the bedroom window.' Mr Magnier said he visited Mr Regan after issuing legal proceedings against the Thomson-Moores. Mr Regan is not a party to the action. Mr Magnier said he was legally precluded from revealing what was said. 'He gave me some information I am not allowed to use… I have information that would be beneficial for me to use, gained at that meeting. I have not used it. I would like if I could bring into the open what was said there.' Defence barrister Martin Hayden queried why Mr Magnier had not challenged the wording of an exclusivity agreement and a tillage agreement, which were drawn up following the meeting of August 22. Neither referred to a binding agreement having been made on that date but mentioned that discussions were to take place between both sides, counsel said. 'I knew what happened on the 22nd, because I did it myself. I did not do this [the documentation],' Mr Magnier replied. He remained adamant that no mention was made at the meeting of a need for the estate's trustees to approve any deal. The case continues 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.
Agriland
4 days ago
- Business
- Agriland
Reports of owning 20,000ac in Tipperary ‘totally false'
By Paul Neilan Bloodstock billionaire John Magnier has told the High Court that money doesn't mean much to him, but it does offer a way to keep score 'on good days and bad days' in business. Magnier also told the High Court that he employed experts in legal and financial fields because some advisory decisions were 'out of my pay grade'. The billionaire also told the court that a barrister is 'trying to portray me as a bad guy' in a case where he says he had an exclusive agreement to buy land in Co. Tipperary for €15 million but missed out when the owners preferred a higher bidder. Lawyers acting for 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 Magnier's claimed deal to buy 751ac of land in Tipperary for €15 million. 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 Maurice Regan, the founder of the New York building firm JT Magen. Magnier has told the High Court that when he inquired about what happened with the bid, the estate agent involved told him: 'One word, John: greed.' Magnier deal John 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 John 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 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, Thomson-Moore and three companies of IQEQ (Jersey) Ltd. group, seeking to enforce the purported deal, which they say had been 'unequivocally' agreed. Image: Coolmore Stud Facebook The Barne Estate representatives say there was never any such agreement and subsequently they preferred to sell the estate to Regan. Maurice Regan is not a party to the case. High Court At the High Court, senior counsel Martin Hayden, for Barne, asked John Magnier if he is a billionaire. Magnier replied: 'I'd hope so – I've been fortunate.' Magnier said he was aware that the Thomson-Moores were selling the land so they could move to Australia to get better medical treatment for a family member. 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 said to him by the estate agent. Martin Hayden asked if there was a 'disparity' between Magnier's billionaire fortune and a family, whose sole asset was the farm they were selling for medical bills and who were being offered €7.2 million more than Magnier had offered. The senior counsel asked Magnier if this, in his opinion, amounted to 'greed'. 'You're trying to portray me as the bad guy here. Nobody else would have offered them €15 million. It was the highest bid at the time,' Magnier responded. He told the court that he believed the Thomson-Moores could have been 'misled' by Regan, who Magnier alleged wanted to keep land prices in Tipperary down. John Magnier also told Hayden that he did not think the Thomson-Moores were behaving in a 'greedy' manner when they preferred Regan's offer, which was €7.25 million more than his own. Magnier told the senior counsel that he left school at 15 with 'not a very good education' and that he employed 'experts' in legal and financial matters because some decisions were 'above my pay grade'. The barrister asked the billionaire how much land he owned in Tipperary. Magnier answered, 'very little', and said reports of him owning 20,000ac were 'totally false'. 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 the Barne Estate's senior counsel asked about 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. Paul Gallagher, senior counsel for John Magnier, has said Maurice 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 Magnier and set out to 'destroy' the agreement to purchase Barne. The trial continues before Justice Max Barrett.
The Journal
5 days ago
- Business
- The Journal
John Magnier tells court defence is trying to portray him as 'bad guy' in Tipperary land case
BLOODSTOCK BILLIONAIRE JOHN Magnier has told the High Court that a barrister was 'trying to portray me as a bad guy' in a case where he says he had an exclusive agreement to buy land in Co Tipperary for €15 million, but missed out when the owners preferred a higher bidder. Magnier told the High Court that he employed experts in legal and financial fields because some advisory decisions were 'out of my pay grade'. The billionaire also told the court that money doesn't mean much to him, but it does offer a way to keep score 'on good days and bad days' in business. Lawyers acting for 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 Magnier's claimed deal to buy 751 acres of land in Tipperary for €15 million. 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 Regan, the founder of the New York building firm JT Magen. Magnier has told the High Court that when he inquired about what happened with the bid, the estate agent involved told him: 'One word, John: greed.' Magnier – along with his adult children, John Paul Magnier and Kate Wachman – wants to enforce the alleged deal. They say the deal was struck on 22 August 2023 at a 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 Magniers have 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 and subsequently they preferred to sell the estate to Regan. Regan is not a party to the case. Advertisement At the High Court today, Martin Heyden SC, for Barne, asked Magnier if he is a billionaire. Magnier replied: 'I'd hope so – I've been fortunate.' Magnier said he was aware that the Thomson-Moores were selling the land so they could move to Australia to get better medical treatment for a family member. 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 said to him by the estate agent. Hayden asked if there was a 'disparity' between Magnier's billionaire fortune and a family, whose sole asset was the farm they were selling for medical bills and who were being offered €7.2 million more than the plaintiff had offered. Hayden asked Magnier if this, in his opinion, amounted to 'greed'. 'You're trying to portray me as the bad guy here. Nobody else would have offered them €15 million. It was the highest bid at the time,' said Magnier. He told the court that he believed the Thomson-Moores could have been 'misled' by Regan, who Magnier alleged wanted to keep land prices in Tipperary down. Magnier also told Hayden that he did not think the Thomson-Moores were behaving in a 'greedy' manner when they preferred Regan's offer, which was €7.25 million more than his own. Magnier told Hayden that he left school at 15 with 'not a very good education' and that he employed 'experts' in legal and financial matters because some decisions were 'above my pay grade'. Heydon asked the billionaire how much land he owned in Tipperary. Magnier answered, 'very little', and said reports of him owning 20,000 acres were 'totally false'. 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 Hayden asked about 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 Magnier, has said 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 Magnier and set out to 'destroy' the agreement to purchase Barne. The trial continues before Mr 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
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.
