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BreakingNews.ie
4 days ago
- Business
- BreakingNews.ie
Billionaire Magnier claims his name being 'slaughtered' in court
Bloodstock billionaire John Magnier has complained of his alleged unfair treatment as he faces cross examination over a failed €15 million land deal in the High Court. The founder of the world famous Coolmore Stud at the start of Thursday's hearing asked the judge's permission to address the court. Advertisement He said he thought he was being "treated unfairly" Wednesday, by the opposing senior counsel for Barne Estate Martin Hayden SC during cross examination. He claimed counsel "unfairly went after" his good name and Mr Magnier declared he came to court for "protection, not to be slaughtered". 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 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. 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 31t 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. Advertisement The Magnier side 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 on Thursday , Mr Magnier repeatedly told the court that when it came to legal and financially detailed matters that he hired experts who would decide and report on the progression of land deals for him. Advertisement Mr Magnier said "I don't think you believe me - I am not a solicitor" to Mr Hayden and said that he was answering the same questions "again and again and when I answer you look out the window". Mr Hayden said he was being "polite" to Mr Magnier in letting him finish his answers but that after any "rambling" by the plaintiff he would still be asked to specifically address the question originally asked. Mr Magnier told Mr Hayden that while he was "smarter than me" he was not going to allow Mr Hayden to put "your words in my mouth, I am not going to do that". Mr Magnier claims that on the night the Thomson-Moores went to another room in Coolmore to ring the trustees of Barne to get the go-ahead on the deal and returned with the permissions needed. Advertisement Mr Hayden said that phone records show that neither the Thomson-Moores nor estate agent John Stokes, also present at the meeting, made any contact with the trustees. "You had to come up with another story which was that they said they were calling them," said Mr Hayden. "They did say they were going to call. I have not changed my story at all. It's unfair to say so. It's untrue," said Mr Magnier. "I shook hands with the three people who were there," he said, adding "my word is my bond". Mr Magnier said that it was his suggestion to present a "no strings attached €50K" in two envelopes on September 7th, 2023, to Mr Stokes who gave it to the Thomson-Moores because the family were allowing Mr Magnier's people onto the land, were resisting bids and claimed that Mr Stokes had told him the family were "strapped for cash" Mr Hayden said that it will be Mr Stokes' evidence that he never said the family were strapped for cash. However, the money was returned to the Magniers days later and Mr Magnier told the court that it was his estimation that this was a signal that the family had now changed their minds and were going with the higher bid. The case continues before Mr Justice Max Barrett.
Irish Times
4 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.
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 Times
6 days ago
- Business
- Irish Times
Bloodstock billionaire John Magnier was told ‘one word, John: greed' on why his €15m Tipperary land deal failed
Bloodstock billionaire and farmer John Magnier has told the High Court that he was out-bid in a land deal he claims he had already agreed in Co Tipperary and that when he inquired about the deal's failure was told 'One word, John: greed' by the estate agent involved. Mr Magnier took the stand on Tuesday at a packed High Court hearing to give evidence in his and his family's action against the former owners of a tract of land in Tipperary he said he had in 2023 shaken hands in agreement with the owners only for the deal to fall through. Lawyers acting for the founder of the world-famous Coolmore Stud have claimed before the High Court that a US-based construction magnate Maurice Regan, the eventual 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, which opened this morning and are expected to last three weeks, claim that Barne Estate, having reneged on the alleged deal, and agreed to sell the land at the higher price of €22.5 million to Mr Regan, the founder of the New York building firm JT Magen. READ MORE In opening the case before Mr Justice Max Barrett, Paul Gallagher SC, for the Magniers, claimed that Mr Regan's 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 22nd, 2023, meeting at Mr Magnier's Coolmore Stud. 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 had 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 entered an agreement to sell the estate to Mr Regan. Mr Regan is not a party to the case. In his evidence, Mr Magnier told his counsel, Paul Gallagher SC, that when he enquired about what happened to the failed deal that the estate agent involved told him 'one word, John: greed'. Mr Magnier said the first bid for the land was for €10 million and that he wanted to do an 'off-market, private' deal to purchase the farm, which was followed by a second €11.25 million bid. The billionaire said that an eventual deal for €15 million was agreed on August 22nd, 2023, at Coolmore and that 'everybody involved was happy' with the arrangement. As Mr Magnier was giving evidence on the details of the August 2023 deal, counsel for the defence, Martin Hayden SC, interrupted asking if Mr Magnier was reading from something. John Magnier at the Four Courts in Dublin. Photograph: Collins Courts Mr Magnier said he was not but had his statement with him and passed it down from the witness box telling Mr Hayden 'come here, you can keep it, that's a bit unfair I think.' Mr Magnier said that he wanted certainty on the deal and that even though there was a guide price of €13.5 million on the land he was willing to pay €15 million which was a 'premium' for knowing he could get a deal through. Mr Magnier was asked what conditions were attached to the deal and told counsel that there was a question of giving a contract to an employee on the farm as he might not complete the harvest if knowledge of the deal came out. Mr Magnier said the contract stipulation was 'a bit odd' and that the employee 'mustn't really like me, that's for sure'. Mr Magnier said that he was told by Mr Thomson-Moore that some people were coming to view the land the day after the alleged deal but that they would be told the farm was already sold. The witness said the estate agent 'the next day' came into his Coolmore office and said that he had received 'dog's abuse' about the sale and had 'never been treated like that in his life' by Mr Regan. Mr Magnier said that he knew the deal was 'in trouble' when monies paid by him at the initial stages of the transaction were returned to him in September 2023, by the estate agent, which he found 'strange'. Mr Magnier alleged the owners were 'dragging their feet' on the deal and that progress to complete the deal was not possible even though the €15 million had been transferred to a solicitor in preparation of transfer in 'good faith'. Mr Magnier said the exclusivity on the deal had run out in September 2023 and that he wanted to resolve matters and if possible to avoid going to court. Earlier today, Mr Gallagher claimed that Mr Regan allegedly arranged for crime journalist Paul Williams to contact the estate agent. 'The implication was that his [Mr Regan's] exclusion from the bidding process was somehow unlawful,' said Mr Gallagher. Mr Gallagher said Mr Regan was 'the man who started all this' and said US-based businessman had a 'grandiose and mistaken' belief the sale should not go ahead to Mr Magnier before setting out to 'destroy' the agreement to purchase Barne. The trial, which is expected to last 13 days, continues tomorrow before Mr Justice Barrett and is to be moved to a larger courtroom.
BreakingNews.ie
6 days ago
- Business
- BreakingNews.ie
Billionaire John Magnier's case over collapsed €15m Tipperary land deal begins in High Court
Coolmore Stud bloodstock billionaire John Magnier's legal action over a collapsed €15 million Co Tipperary land deal has opened at the High Court. The hearing is expected to last three weeks. Advertisement Lawyers acting for Mr Magnier are claiming that Maurice Regan, the US-based construction magnate allegedly engaged in a 'full frontal assault' on a property deal for the Barne Estate after it was purportedly agreed in August 2023. Mr Magnier was present in court for the opening of the case. Mr Magnier's proceedings are anchored in the claim that the owners of the Barne Estate reneged on a purported deal to sell the 751-acre estate to him for €15 million, instead choosing to sell to Mr Regan for a higher price. Opening the case on Tuesday before Mr Justice Max Barrett, Paul Gallagher SC, for the Magniers, claimed that Mr Regan's 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, meeting at Mr Magnier's Coolmore Stud. They also claim an exclusivity agreement, stipulating that the estate not permit its representatives to solicit or encourage any expression of interest, inquiry or offer on the property from anyone other than Mr Magnier, was in effect from August 31st to September 30th. Barne Estate is held for the benefit of Richard Thomson-Moore, his sister Alexandra, their children, and their spouses 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. Advertisement The Barne defendants say there was never any such agreement and subsequently they agreed to sell it for €22.5 million to Mr Regan, founder of the New York building firm JT Magen. Ireland Jury begin deliberating in trial of Richard Satchw... Read More Mr Regan is not a party to the case. Mr Gallagher claimed that a local estate agent involved in the deal, John Stokes, appeared 'visibly shaken' when he visited Mr Magnier following calls from Mr Regan after the deal was claimed to be agreed. Mr Gallagher also told the court that Mr Regan allegedly arranged for crime journalist Paul Williams to contact Stokes. 'The implication was that his [Mr Regan's] exclusion from the bidding process was somehow unlawful,' said Mr Gallagher.
