The High Court has begun hearing the legal case brought by John Magnier, the billionaire behind Coolmore Stud, regarding a failed €15 million land deal in County Tipperary. The proceedings are anticipated to last three weeks. Mr. Magnier's lawyers allege that Maurice Regan, a construction magnate based in the US, conducted a "full frontal assault" on the property agreement for the Barne Estate, which was reportedly finalized in August 2023. Mr. Magnier attended the court session for the case's opening.
Mr. Magnier's case is based on the assertion that the owners of the Barne Estate backed out of a supposed agreement to sell the 751-acre estate to him for €15 million, opting instead to sell it to Mr. Regan for a higher price.
During the opening of the case on Tuesday before Mr. Justice Max Barrett, Paul Gallagher SC, representing the Magniers, argued that Mr. Regan's efforts to acquire the land violated an exclusivity agreement established during the alleged deal between the estate's representatives and Mr. Magnier.
Mr. Magnier, along with his adult children, John Paul Magnier and Kate Wachman, is seeking to enforce an alleged agreement. They assert that this deal was made during a meeting at Mr. Magnier’s Coolmore Stud on August 22, 2023. Additionally, they claim that an exclusivity agreement was in place from August 31 to September 30, which prohibited the estate from allowing its representatives to solicit or encourage any interest, inquiries, or offers regarding the property from anyone other than Mr. Magnier.
The Barne Estate is managed for the benefit of Richard Thomson-Moore, his sister Alexandra, their children, and their spouses through a Jersey trust. The Magniers have filed a lawsuit against the Barne Estate, Mr. Thomson-Moore, and three companies associated with IQEQ (Jersey) Ltd., aiming to enforce the alleged agreement.
The Barne defendants assert that no such agreement ever existed. They later agreed to sell the property for €22.5 million to Mr. Regan, the founder of the New York construction firm JT Magen. Mr. Regan is not involved in the case. Mr. Gallagher testified that John Stokes, a local estate agent involved in the transaction, appeared “visibly shaken” during a visit to Mr. Magnier after receiving calls from Mr. Regan, following the alleged agreement. Additionally, Mr. Gallagher informed the court that Mr. Regan supposedly arranged for crime journalist Paul Williams to reach out to Stokes. “The implication was that his [Mr. Regan’s] exclusion from the bidding process was somehow unlawful,” Mr. Gallagher stated.
