Son-in-law of billionaire John Magnier denies engaging in 'ruse' in bidding on Tipperary farm
At the High Court today, Magnier's son-in-law David Wachman said it was 'common practice' to start bidding at a level lower than the vendor's valuation for any property and that price expectations had to be 'controlled'.
Lawyers acting for Magnier, founder of the world-famous Coolmore Stud, have claimed that a US-based construction magnate, Maurice Regan, the preferred buyer, engaged in a 'full-frontal assault' on Magnier's claimed deal to buy the 751-acre tract.
Magnier's proceedings claim that Barne Estate reneged on the alleged deal, preferring to sell the land at the higher price of €22.25m to Regan, the founder of the New York building firm JT Magen.
Magnier – along with his adult children – wants to enforce the alleged deal.
They say the deal was struck at a 22 August 2023 kitchen meeting at Magnier's Coolmore home.
They also claim an exclusivity agreement that was in effect from 31 August to 30 September 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 Magnier.
Barne Estate has been held for the benefit of Richard Thomson-Moore and others by a Jersey trust.
The Magnier side has sued the Barne Estate, 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, as they needed the consent of the trustees to finalise any agreement and subsequently they preferred to sell the estate to Regan.
Regan is not a party to the case.
Paul Gallagher SC, for the Magnier side, was told by Wachman that Regan 'was always of the opinion that we shouldn't bid against each other', as this would generally mean the two strongest bidders, in this case Mr Magnier and Mr Regan, would increase land prices in Tipperary.
Advertisement
Wachman told Niall F Buckley SC, for the Barne Estate, that Coolmore were interested in Barne and by July 2023 co-ordinated a bid of €10.5m through a third party acting on behalf of a 'wealthy UK investor'. They did not inform the Thomson-Moores, who sought €13.5m for the estate, of Coolmore's involvement.
Another third party who did not disclose to the vendor that Coolmore was also using him had earlier pulled out of bidding and when both third parties withdrew 'it left Coolmore as the only one left on the pitch', Wachman said.
Wachman confirmed that the third parties were already known to the Barne Estate.
Buckley said this strategy amounted to a 'ruse' and a 'backstory' by Coolmore regarding their interest in the property, which was not on the open market.
Buckley said not long after the first bid, Coolmore submitted a bid of €10m in what was, he alleged, a 'deceptively low bid'.
Wachman said the strategy was engaged to 'control expectations' on the value of the estate.
Wachman said information on the third-party bids reaching the Coolmore side from the estate agent showed the agent to be trustworthy.
'We then knew the agent was telling the truth,' said Mr Wachman.
'You may have a rationale but the vendors were the casualties in that,' said Buckley. Counsel further suggested that Coolmore were using people known to the Barne Estate to 'advance veiled inquiries'.
Buckley said that Regan will dispute the claim that he wanted to suppress land prices in the area and that his eventual bid of €22.5m was inconsistent with this claim.
Wachman told counsel that it was inconsistent with the land-price suppression claim because Regan 'had a bee in his bonnet' after learning of the alleged agreement between Barne and the Magnier side.
Buckley said the 'low-ball' offers from the Magnier side were more consistent with price suppression. Wachman said it was 'common practice' to start at a lower price and added that the eventual bid from the Magnier side was €15m.
The hearing continues before Justice Max Barrett.
Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article.
Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.
Learn More
Support The Journal
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RTÉ News
4 hours ago
- RTÉ News
Fears for 100 jobs at Galway-based Romero Games
There are fears for the future of around 100 jobs at Galway-based video game company Romero Games. The firm has issued a statement outlining that its publisher has cancelled funding for a game that was currently in development. The publisher is reported to be Microsoft which this week announced plans to cut around 9,000 jobs globally. "We're currently evaluating next steps and working quickly to support our team," Romero Games said. "It's an extremely difficult day, and we're heartbroken that it's come to this. If you know of any opportunities or ways you can help our incredible team, please reach out," the company said. "This absolutely isn't a reflection of our team's work, performance, or the quality of the project itself," it added. Romero Games describes itself as an independent game studio of over 100 developers founded in 2014 by award-winning game developers Brenda and John Romero. John Romero is credited with helping to popularise the first-person shooter (FPS) genre and co-created hit games including Wolfenstein 3D and Doom. Game Workers Unite Ireland (GWUI), which is a branch of the Financial Services Union (FSU), represents workers in the gaming sector. The union has described the announcement by Romero Games as a devastating blow to staff.
The Journal
6 hours ago
- The Journal
Over 100 staff laid off as Galway-based Romero Games shuts down after funding cut
GALWAY-BASED GAME studio Romero Games has shut its doors after funding was pulled by its publisher, leaving more than 100 staff without jobs. The studio, founded in 2015 by industry veterans Brenda and John Romero, had been working on a new first-person shooter with what it described as 'a major publisher'. Multiple sources, including staff, have said the publisher in question is Microsoft, which announced 9,000 layoffs earlier this week . Brenda Romero confirmed the sudden closure in a statement today, saying the decision was 'made at a high level within the publisher well above our visibility and control.' 'This absolutely isn't a reflection of our team's work, performance or the quality of the project itself. We hit every milestone on time, every time,' she said. 'We're heartbroken that it's come to this.' The abrupt end to the project has left the studio's global workforce unemployed, including staff in Galway, Dublin, Sweden, the United States, Australia, and South Africa. Romero Games studio in Galway city. Google Maps Google Maps While company accounts for last year show Romero Games employed around 42 people directly, it is understood the broader network of developers working on the project numbered more than 100. Speaking to The Journal , one anonymous Romero Games staff member described the situation as 'a big shock'. 'Everyone is out of a job,' they said. 'We had meetings with the publisher the day before this happened, there was no mention of it. We were being told we were making great progress. So this came completely out of the blue. The employee said the team had suspected something might be coming given recent layoffs at Microsoft, but felt their project was far enough along to be safe. 'It seemed so far away for us. The title was pretty well developed at the time.' Romero Games was working under contract with the publisher, and now has no remaining funds to continue operations. Advertisement 'We're trying to find other ways of funding the project,' the employee added. 'But for now, it's completely closed, and the studio is closed.' The sudden announcement has left an 'emotional toll' on the staff, the worker said. 'It's not just about losing the job. In this kind of work, you leave a little part of your soul in what you're doing,' the staff member said. 'For people not to be able to share what they did – it's frustrating. It was work we were very proud of. For some people, it was years of their lives.' Romero Games was known for Empire of Sin, a 1920s strategy title published by Paradox Interactive in 2020. In July 2022, the studio announced that it had begun work on a new original project – a AAA (major-budget) first-person shooter built in Unreal Engine 5, a cutting-edge game development platform used for creating high-end visuals and immersive gameplay. The unnamed title was being developed in collaboration with a major publisher, now widely believed to be Microsoft, and was said to be progressing well before the abrupt cancellation. John Romero, co-founder of the company, is a celebrated figure in the industry, having helped create genre-defining titles like Doom and Wolfenstein 3D. The latest accounts for Romero Games Ltd show strong financial performance, with profits of €1.5 million in 2024 and €1.2 million in 2023, according to Business Plus . However, those earnings were tied to project-based contracts, and with no ongoing publishing support, the company was unable to continue. The Financial Services Union, through its Game Workers Unite Ireland branch, described the closure as a 'devastating blow' and said it was reaching out to affected staff. If you have been affected by the layoffs at Romero Games and need support, please reach out to us at GWUI. Freephone: 1800 81 91 91 or email:advice@ You can leave a callback request #RomeroGames — Game Workers Unite Ireland (@GWU_Ireland) July 3, 2025 'This again shows the precarity in the sector, where even high-performing, well-regarded teams can be wiped out at short notice because of decisions far beyond their control,' a spokesperson said. Brenda Romero said the company is now focusing on helping affected employees find new opportunities. 'Many of us have worked together for more than a decade, some for over 20 years,' she said. 'We are incredibly proud of the work being done and of the talented team behind it. The best we've worked with.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
RTÉ News
9 hours ago
- RTÉ News
Small number of Irish-based jobs to go at TikTok
A small number of Irish-based roles are expected to be cut at TikTok's global e-commerce division. It is understood that less than ten staff will be impacted and that there may be redeployment opportunities within the company for affected workers. Earlier this week, news site Business Insider reported that TikTok had begun notifying some e-commerce workers that their roles were being cut as part of organisational and personnel changes. A TikTok spokesperson declined to comment on the job cuts. In March, TikTok informed the Government that around 300 Irish-based jobs were under threat as part of global cuts. It was part of plans to lay off staff at its trust and safety unit which handles content moderation, as part of a restructuring. Almost 3,000 staff are employed at TikTok's Irish operation.
