Mahon Tribunal: An assumption that the purchase of the Carrickmines lands in south Co Dublin would be a simple transaction was the "miscalculation of the century", a solicitor who acted on the sale has told the Mahon tribunal.
Mr Gerry Charlton, who represented the land agent Mr Sam Stanley, said he could never have foreseen the "Machiavellian" nature of the deal.
He said the businessman Mr Jim Kennedy and "his friend", the solicitor and Paisley Park shareholder Mr John Caldwell, had worked closely to the detriment of Mr Stanley.
Mr Charlton said in the early stages of the sale he believed Mr Stanley would hold a 20 per cent stake in the profits from the 108 acre site because he held a 20 per cent stake in Paisley Park, the company which was buying the land. It was his understanding the remaining 80 per cent was held by Mr Kennedy.
Mr Kennedy was to pay the full sum for the land because Mr Stanley's stake represented a payment to him for work he had done in securing the sale.
He had accepted the shareholding instead of £1 million in fees which had originally been agreed with Mr Kennedy.
However, it later emerged that Mr Caldwell held 50 per cent in Paisley Park.
Mr Ian Finlay SC, representing Mr Caldwell, said his client was never made aware that an original agreement existed between Mr Kennedy and Mr Stanley on the payment of £1 million in fees.
The chairman of the tribunal, Mr Alan Mahon, said it was "surprising" that Mr Caldwell was never aware of the existence of the agreement to pay £1 million in respect of such a "very large transaction. "It is surprising but if that's his case, then that's his case," Mr Mahon said.
Mr Finlay said while the £1 million was "discussed" there was never any "enforceable agreement" in relation to it.
Mr Mahon urged Mr Finlay to consult with his client on the matter before the tribunal resumes public hearings on Tuesday.
He said the tribunal would like to hear the extent of the discussions relating to the £1 million before a shareholders agreement was drawn up in 1989 giving Mr Stanley his 20 per cent stake in Paisley Park.
