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 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.
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John Magnier tells Barne Estate trial that money does not mean much to him except as a way ‘to keep score’
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, preferred to sell the land at the higher price of €22.5M to Mr Regan, the founder of the New York building firm JT Magen.
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.
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.
