An estate agent giving evidence in a “war” between bloodstock billionaire John Magnier and construction magnate Maurice Regan over the prized Barne Estate has told the High Court that the stalled deal became “head-wrecking” amid threats of legal action from both sides before the case eventually came to court.
Mr Magnier wants the court to enforce a deal he claims he sealed with Richard Thomson-Moore with a €15 million handshake agreement for the 751-acre Tipperary estate on August 22nd, 2023, at Mr Magnier’s Coolmore home.
Mr Magnier is suing Mr Thomson-Moore and Barne Estate Ltd over the collapse of the purchase. The estate has been owned by the Thomson-Moore family for generations and is held in a trust.
Auctioneer John Stokes, who handled the deal locally for Barne, denies a claim by the Magnier side that he said on the night he had said to Mr Magnier that they had a “deal” after allegedly being in phone contact with the trustees for their approval after the €15 million offer.
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Mr Stokes told Paul Gallagher SC, for the Magnier side, on Friday that he would have needed to have been “psychic” to contact the trustees on the night for approval, as he did not have the phone number for any of the estate’s trustees and did not suggest calling them as claimed.
Mr Stokes told the court that when he and the Thomson-Moores returned to the negotiations after a conversation, he said the “deal” was regarding the price only and that any deal was subject to “contract or contract denial”.
“As I went to [Mr Magnier], I said the deal was subject to the trustees’ approval,” he claimed.
Mr Stokes said that Mr Magnier told the meeting that the €15 million was solely for the land and that he had no interest in the company.
As part of the alleged deal, an exclusivity agreement was entered into for the month of September 2023, during which Mr Stokes said he received an “unsolicited”, higher offer from Mr Regan about which he was obliged to inform the trustees and the Thomson-Moores.
Mr Stokes said he did not breach the exclusivity agreement regarding the offer and did not know how Mr Regan knew of the accepted Magnier offer being €15 million. Mr Stokes said Mr Regan quoted the price to him over the phone, but the information did not come from him.
Mr Stokes told Martin Hayden SC, for Barne, he was given €50,000 in two brown envelopes on September 7th, 2023, which was intended for chief beneficiaries Mr Thomson-Moore and his sister, Alexandra, which he delivered.
However, the money was returned a few days later. In evidence, Mr Magnier said it was not directly returned to him but Mr Stokes claimed it was because Mr Magnier told him that the €50,000 was apart from the deal, was for access to the land and that the Thomson-Moores were still welcome to it.
Alexandra Thomson-Moore has described the row over the estate as “full-on war” between Mr Magnier and Mr Regan and in her evidence today, likened it to a “Sunday night TV drama” with “everyone accusing everyone of everything”.
Mr Stokes told the court on Friday that the deal was “head-wrecking”.
Mr Stokes said that he received letters from solicitors from Mr Regan’s legal team complaining about the auctioneer’s handling of the deal and threatening to report him to the regulator. This was rejected by Mr Stokes, who said he would always do his best by his clients and that the Thomson-Moores were his friends.
Mr Magnier, in his evidence, has said that in early October 2023, he asked what was happening with any deal and was told by Mr Stokes: “One word, John: Greed.”
“I did not say the word ‘greed’,” said Mr Stokes.
Mr Stokes did not deny that after a phone call from crime journalist Paul Williams who allegedly said Mr Regan was considering injuncting the sale, he wrote a note saying “the general consensus is that Regan is behaving like an absolute pig”.
When Coolmore threatened legal action against Barne, Mr Stokes said that Mr Magnier said it was “not where anyone wants to be” and that it would give him no pleasure to litigate the matter.
Mr Stokes said that Mr Magnier told him he was “at war, sorry” with Mr Regan and that the Thomson-Moores were “caught up in it”.
“I suppose he [Mr Magnier] doesn’t like getting gazumped,” said Mr Stokes.
By the end of September, the decision had been made to let the exclusivity expire because of an increased offer of €20 million from Mr Regan. Mr Stokes said the offer was of “life-changing money”.
Mr Regan finally offered €22.25 million and was made the preferred bidder.
Mr Regan is not a party to the case.
The case continues before Mr Justice Max Barrett.
