Latest news with #Magnier
The Journal
21-06-2025
- Business
- The Journal
John Magnier advisor denies being 'kept in the loop' about Tipperary land owners' tax affairs
A SENIOR ADVISOR to bloodstock billionaire John Magnier has denied that he was 'kept in the loop' regarding the tax affairs of the owners of a large tract of land in Tipperary that his boss wanted to buy. Eddie Irwin, the financial advisor at the Coolmore Stud, which Magnier founded, rejected a description of him by counsel for Barne Estate, Martin Hayden SC, as Magnier's 'fixer' and 'right-hand man'. He said Coolmore did not use 'catchphrases or fancy titles' but agreed with counsel that he would be called to work on projects if things went 'wrong'. Irwin, who has 40 years' experience working with Magnier, was called in to aid in securing the Barne Estate deal, which the Magniers believed they had shaken hands on in August 2023 for €15m. However, the Magnier side was ultimately gazumped by Irish-born, US-based construction magnate Maurice Regan, who offered €22.25m. The case centres on Magnier's claim that Regan engaged in a 'full-frontal assault' on the claimed deal to buy the 751-acre tract and that Barne Estate reneged on the deal. The Estate has been held for the benefit of Richard Thomson-Moore and others by a Jersey trust. At the High Court yesterday, Irwin said he met with the benefactor in September 2023 and contacted tax experts from KPMG after the family requested advice. A KPMG tax expert met with the Thomson-Moore family later in the month as a 'favour' to Coolmore, who were large clients of KPMG. Irwin did not attend that meeting, but allegedly sent a WhatsApp message to Magnier claiming that the Thomson-Moores were considering whether to retain the tax expert from KPMG, who was named in court. Advertisement He added that the expert had informed the Thomson-Moore family of what approach he recommended. He denied making an 'off-the-record' remark that the expert would keep him 'in the loop' in return for introducing him to the family. Irwin said that the wording of a WhatsApp message to Magnier, telling him 'off the record' about the family's intention to retain the man, was 'unfortunate' and that what he meant was for Magnier not to share the information. Irwin told counsel that the named expert was an 'innocent, decent and honourable' man, who was being 'defamed' in the court as someone who would keep him 'in the loop' on private tax matters. He said that he did have 'grave' concerns over the tax issue raised by the Thomson-Moore family at the time as it was just before the end of an exclusivity agreement and may not have been a genuine one. Irwin said he sought legal advice following the expiration of the agreement, on 23 September 2023, after he claimed that Regan had contacted Magnier's son-in-law 'angry and abusive' over the handshake deal and said he would outbid the pact by €5m. In early October 2023, with the exclusivity agreement now expired, the local estate agent involved in the sale told the Magniers that the Barne Estate had been subject to a €20m bid. The Magnier side then upped their bid to €16m with a separate, additional offering of €500,000 to establish a trust for a member of the Thomson-Moore family. Irwin said he was told by the auctioneer that the Thomson-Moore's were happy to accept the offer. But the Barne Estate solicitors never sent the contracts and the deal was never done. 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 trustees to finalise any agreement, and subsequently they preferred to sell the estate to Regan, who is not a party to the case. The case continues before Mr Justice Max Barrett next month. 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
Irish Examiner
20-06-2025
- Business
- Irish Examiner
High Court hears from John Magnier's 'right hand man' in multi million Barne Estate row
A senior advisor described as a "right-hand man" to bloodstock billionaire John Magnier, who is involved in a legal battle over the purported multi-million sale of a Tipperary estate that fell through, has told the High Court he was not secretly "kept in the loop" of the tax affairs of the vendors. Financial advisor at world-famous Coolmore Stud, Eddie Irwin also rejected a description of him by counsel for Barne Estate as Mr Magnier's "fixer"and "right hand man". Mr Irwin said Coolmore did not use "catchphrases or fancy titles" but agreed with counsel that he would be called to work on projects if things went "wrong". Mr Irwin, who has 40 years' experience working with Mr Magnier, was called in to aid in securing the Barne Estate deal which the Magniers believed they had shook hands on in August 2023 for €15m. However, the Magnier side were ultimately gazumped in being the preferred buyer by Irish-born, US-based construction magnate Maurice Regan, who offered €22.25m. The case centres on Mr Magnier's claim that Mr Regan engaged in a "full-frontal assault" on Mr Magnier's claimed deal to buy the 751-acre tract and that Barne estate reneged on the deal. Barne Estate has been held for the benefit of Richard Thomson-Moore and others by a Jersey trust. At the High Court on Friday, Mr Irwin said he met with Mr Thomson-Moore in early September 2023 and they contacted tax experts KPMG after the Thomson-Moore family requested tax liability advice. A KPMG tax expert met with the Thomson-Moores later in the month as a "favour" to Coolmore, who were large clients of KPMG. Mr Irwin did not attend that meeting but allegedly sent a WhatsApp message to Mr Magnier telling him "off the record" that the tax expert, who was named in court, allegedly told him that the Thomson-Moores were considering whether to retain KPMG and that the expert had informed the Thomson-Moores of what approach he recommended. Mr Irwin answering Martin Hayden, counsel for Barne Estate, denied he had an "off-the-record" report from the expert that, counsel alleged, would keep him "in the loop" in return for introducing the Thomson-Moores to KPMG. Mr Irwin said the wording of the WhatsApp message was an "aberration" and "unfortunate" and that he meant for Mr Magnier not to share information already known from previous meetings as it was a "private" and not for dissemination. Mr Irwin told Mr Hayden that the named expert was an "innocent, decent, and honourable" man, who was being "defamed" in the court as someone who would keep him "in the loop" on private tax matters. However, Mr Irwin said he did have "grave" concerns at the time that the tax issue raised by the Thomson-Moores was put forward just before the September 29, 2023, end of an exclusivity agreement and may not have been a genuine one. Mr Irwin told Mr Hayden that he was told by Mr Magnier that a week after the alleged handshake deal that his son-in-law, David Wachman, received a call from Mr Regan, who was "angry and abusive" about the purported sale. Mr Regan told Mr Wachman that he would outbid the Magnier side by €5m to prevent the deal going through, claimed Mr Irwin. After the expiration of the exclusivity agreement on September 29, 2023, Mr Irwin contacted Eugene McCague, a former partner at legal heavyweights Arthur Cox, who represent Coolmore in these proceedings, and sought legal advice should the matter be litigated. In early October 2023, with the exclusivity agreement now expired, the local estate agent involved in the sale, John Stokes, told the Magniers that the Barne Estate had been subject to a €20m bid. The Magnier side then upped their bid to €16m with a separate, additional offering of €500,000 to establish a trust for a member of the Thomson-Moore family. Mr Irwin said he was told by the auctioneer that the Thomson-Moore's were happy to accept the Magnier offer but the Barne Estate solicitors never sent the contracts and the deal was never done. The Magnier side has 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, as they needed the consent of trustees to finalise any agreement and subsequently they preferred to sell the estate to Mr Regan. Mr Regan is not a party to the case. The case continues before Mr Justice Max Barrett next month.
Agriland
10-06-2025
- General
- Agriland
Coolmore plans to demolish Parkville farm buildings stalled
By Gordon Deegan Contentious plans to demolish JP Magnier-owned derelict farm buildings at Parkville near Clonmel in Co. Tipperary have been stalled. This follows Dr. Alan Moore of the Save Parkville Farm Group lodging an appeal with An Bord Pleanála against the Tipperary County Council's grant of planning permission. JP Magnier is the son of well known stud owner John Magnier, and in March 2024 the Magniers' Coolmore is reported to have paid €2.425 million, or almost €38,000/ac for the 64ac farm at Parkville – the lands had a guide price of €1.28 million. The council granted planning permission to the Coolmore-linked Melclon UC for the demolition of existing derelict buildings at Parkville together with all associated site development works, despite local opposition which included a farm-gate demonstration on October 3 last at the site. In the appeal, Dr. Alan Moore contended that the permission conflicts in its entirety with the aims and recommendations of Tipperary County Council plan policy in relation to vernacular farm buildings. In his original objection, Dr. Moore stated that 'We have lost far too many similar structures both in Tipperary and nationally. There is no excuse for making the same mistake again.' The Moore appeal includes a personal letter that under-bidder to the Parkville property, John Hurley, sent to the Magnier family last October. Hurley was runner up to Coolmore in the bidding for the property at auction last year and in his letter, Hurley said that himself and his late father had been stewards to Parkville for nearly 50 years where they rented the property. Farm buildings Hurley said: 'Parkville was more than just a farm to us: it was a legacy, a responsibility and a testament to the enduring bond between man and land. We poured our hearts and souls into it, ensuring its beauty and history remained intact. Melclon lodged its plans on September 18 last, and in his letter dated October 8, Hurley said that 'this letter is written with a heavy heart with both sorrow and a deep sense of injustice'. Hurley said to the Magnier family that it is crucial to address the recent peaceful protest that took place outside the gates of Parkville. Hurley followed up his letter to the Magnier family with a formal objection to the planning application. A notice placed on the gate at the site by the applicants stated that the 'these lands contain a derelict yard of rubble stone construction. After decades of serious neglect, it is heavily overgrown and crumbling and is now a serious health and safety concern'. The notice states that 'the owner has applied for demolition on health and safety grounds'.
Irish Independent
05-06-2025
- Business
- Irish Independent
JP Magnier handed €50k in brown' envelopes to estate agent in Tipperary land sale, High Court hears
The High Court has heard that billionaire bloodstock magnate John Magnier's son, JP, handed over two "brown" envelopes containing a total of €50K in cash to an estate agent involved in a failed €15m property deal which were delivered to the beneficiaries of the estate as a show of "appreciation". The court also heard that a solicitor involved in the proposed conveyance of Barne Estate, Co Tipperary, the subject of a legal action by John Magnier - who alleges a €15m deal was reneged upon by the vendors - has told the High Court that an agreement was in place between the parties before an exclusivity document was signed. Joseph Fitzpatrick, of Smithwick Solicitors, was giving evidence in the hearing today and told counsel for the Barne Estate that he secured an exclusivity agreement signed by both sides to run from August 31 to September 22 after hands were allegedly shaken on the deal. Lawyers acting for Mr Magnier, 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 the 751-acre tract. Mr 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 Mr Regan, the founder of the New York building firm JT Magen. Mr Magnier – along with his adult children - wants to enforce the alleged deal. The Magnier side says the deal was struck at an August 22, 2023, kitchen meeting at Mr Magnier's Coolmore home. They also claim an exclusivity agreement that was in effect from August 31 to September 30 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 has been held for the benefit of Richard Thomson-Moore and others by a Jersey trust. The Magnier side has 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, as they needed the consent of the trustees to finalise any agreement and subsequently they preferred to sell the estate to Mr Regan. Mr Regan is not a party to the case. Mr Magnier's son, JP, told Paul Gallagher SC, for the Magnier side, that his father asked him to get €50k in cash on September 8, 2023, and to put it into two envelopes to be given to the Thomson-Moores. He said the money was an "appreciation" for letting the Magnier side onto the Barne land, for their loyalty in honouring the deal and because they were allegedly "cash strapped". JP Magnier said he put the money into two envelopes and gave it to the estate agent at Barne Estate for them to be passed on to the Thomson-Moores. On September 11, 2023, however, he said the estate agent met with JP Magnier and "pushed" the envelopes in his direction, saying that the Thomson-Moores were concerned that their farm manager may have seen the original transaction. Niall F Buckley SC, for the Barne side, asked what colour the envelopes were and was told by JP Magnier that they were brown. Mr Buckley put it to JP Magnier that the envelopes were to keep the Thomson-Moores "sweet", as John Magnier was concerned they were going to pull out of the deal. JP Magnier said his father never said that to him. "I take it you didn't ask for a receipt?" asked Mr Buckley. JP Magnier replied: "No." "Doesn't that say it all," remarked Mr Buckley. "Knowing what you did about my clients' family circumstances and the need for them to provide for their child and given the vast amount of land you have, did it ever occur to you to let this one go?" "It wouldn't be my call," said JP Magnier. Mr Fitzpatrick told Martin Hayden SC, for the Barne Estate, that the exclusivity agreement was not to further any negotiation but to keep the "status quo" of the alleged sale agreement in order to further the preparation and receipt of the contracts. "Exclusivity was not for negotiations going forward but to facilitate the contract," said Mr Fitzpatrick. Mr Fitzpatrick said Mr Magnier had deposited €15M in the Smithwicks' client account before any purported contract was signed in order to "show good faith". However, a week before the exclusivity agreement expired, the Thomson-Moores said they were taking tax advice, he said. "We invited them to a meeting and that was refused, then the extension of the exclusivity was refused. It was clear they had no intention of signing with us and were running down the clock," said Mr Fitzpatrick. The case continues in two weeks' time before Mr Justice Max Barrett.
The Journal
04-06-2025
- Business
- The Journal
Son-in-law of billionaire John Magnier denies engaging in 'ruse' in bidding on Tipperary farm
BLOODSTOCK BILLIONAIRE JOHN Magnier's son-in-law has denied engaging in a 'ruse' by using third parties to bid on a Tipperary farm before allegedly 'low-balling' the vendors with a €10 million offer. 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
