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Irish Times
2 days ago
- Business
- Irish Times
Heir of Barne Estate ‘shocked' by €50,000 ‘luck penny' offer from John Magnier
An heir to the 17th-century Barne Estate, who is being sued by John Magnier over a collapsed property deal for the farmland, has told the High Court he was 'shocked' by an 'untoward' offer of 'two envelopes stuffed with money' amounting to €50,000 from the bloodstock billionaire which was meant as a 'luck penny'. Richard Thomson-Moore was giving evidence at the High Court on Wednesday in his defence relating to the failed €15 million agreement. Mr Magnier wants the court to enforce the deal he claims he sealed with Mr Thomson-Moore in an alleged handshake agreement for the 751-acre farm on August 22nd, 2023, at Mr Magnier's Coolmore home. 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 billionaire Maurice Regan. Mr Thomson-Moore has told the court that while a 'price' was agreed with Mr Magnier for Barne, a 'deal' was not. After agreeing on €15 million, Barne and the Magniers entered into an exclusivity agreement stipulating that the estate would not permit itself or its representatives to solicit or encourage any expression of interest, inquiry or offer on the property from anyone other than Mr Magnier between August 31st and September 30th, 2023. However, during September 2023, billionaire Maurice Regan offered about €20 million. The trustees, who hold the estate, decided to remain loyal to the Magnier offer and felt the higher offer of Mr Regan could be seen as a 'provocative' one. The court has heard that on September 7th, 2023 – two weeks after Mr Magnier claims he shook hands with Mr Thomson-Moore on the deal for the Barne Estate – Mr Magnier called to Barne with his son, JP. The Thomson-Moores have told the court their estate agent, John Stokes, who had walked out with the Magniers, returned to the house with two brown envelopes given to him by JP containing a total of €50,000 in cash. Mr Thomson-Moore told the court that he did not interrogate Mr Stokes about the purpose of the envelopes and that Mr Stokes explained their offering as a 'luck penny'. A 'luck penny' is an amount of money given by a buyer to the seller after a deal is done to bring good luck. The Magnier side have told the court that the money was a token of 'appreciation' to the Thomson-Moores for letting the Magnier side on to the land before any sale was finalised. The Magnier side were ultimately gazumped by US-based construction magnate Mr Regan, who offered a final €22.25 million, and was made the preferred bidder. Mr Regan is not a party to the case. At the High Court on Wednesday, Mr Thomson-Moore said the delivery of the money to their Barne home caused him 'shock' and said he felt the offer of 'envelopes stuffed with cash' was 'untoward'. The money was later returned by the Thomson-Moores. Mr Thomson-Moore told defence barrister Niall Buckley SC that a guide price of €13.5 million had been advertised by the selling agents, which he thought was underpriced. He believed the property to be worth between €17.5 and €20 million, based on a comparative property in Co Kildare. Mr Thomson-Moore said that Mr Magnier's retort to this valuation was 'slightly hostile', before an offer of €15 million was accepted by the Thomson-Moores at the Coolmore kitchen meeting. Caren Geoghegan SC, for the Magniers, asked Mr Thomson-Moore about lists drawn up detailing the contents of the Barne mansion and asked why there were two lists – one 'complete' list, with a separate incomplete list going to the trustees of the estate. Mr Thomson-Moore said that after the Magnier offer he was in talks organising an auction of the contents of Barne with Mealy's auction house. Ms Geoghegan put it to Mr Thomson-Moore that his intention at this time was to give one list to the trustees that did not disclose all the items in the house. She put it to him that his intent was to not disclose 'high-value items' to the trustees of the estate, which he denied. 'There is no ambiguity about the intention,' said Ms Geoghegan, 'a complete list and then a separate list for trustees.' Mr Thomson-Moore said 'it didn't happen' but added: 'That is what it looks like, though, yes.' The case continues before Mr Justice Max Barrett.
BreakingNews.ie
3 days ago
- Business
- BreakingNews.ie
Heir of Barne Estate 'shocked' by €50K brown envelope 'luck penny' offer from John Magnier
The owner of Barne Estate, who is being sued by John Magnier over a collapsed property deal, has told the High Court he was "shocked" by an "untoward" offer of "two envelopes stuffed with money" amounting to €50,000 from the bloodstock billionaire, which was meant as a "luck penny". Richard Thomson-Moore was giving evidence at the High Court relating to the failed €15 million agreement. Advertisement Mr Magnier wants the court to enforce the deal he claims he sealed with Mr Thomson-Moore in an alleged handshake agreement for the 751-acre farm on August 22nd, 2023, at Mr Magnier's Coolmore home. 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 Thomson-Moore has told the court that while a "price" was agreed with Mr Magnier for Barne, a "deal" was not. Advertisement After agreeing on €15 million, Barne and the Magniers entered into an exclusivity agreement stipulating that the estate would not permit itself or its representatives to solicit or encourage any expression of interest, inquiry or offer on the property from anyone other than Mr Magnier between August 31st to September 30th 2023. However, during September 2023, billionaire Maurice Regan offered around €20 million. The trustees, who hold the estate, decided to remain loyal to the Magnier offer and felt the higher offer of Mr Regan could be seen as a "provocative" one. The court has heard that on September 7th 2023 - two weeks after Mr Magnier claims he shook hands with Mr Thomson-Moore on the deal for the Barne Estate - Mr Magnier called to Barne with his son, JP. Advertisement The Thomson-Moores have told the court their estate agent, John Stokes, who had walked out with the Magniers, returned to the house with two brown envelopes given to him by JP containing a total of €50,000 in cash - €25,000 in each. Mr Thomson-Moore told the court that he did not interrogate Mr Stokes about the purpose of the envelopes and that Mr Stokes explained their offering as a "luck penny". The Magnier side have told the court that the money was a token of "appreciation" to the Thomson-Moores for letting the Magnier side onto the land before any sale was finalised. The Magnier side were ultimately gazumped by US-based construction magnate Mr Regan, who offered a final €22.25 million and was made the preferred bidder. Advertisement Mr Regan is not a party to the case. At the High Court today, Mr Thomson-Moore said the delivery of the money to their Barne home caused him "shock" and he said he felt the offer of "envelopes stuffed with cash" was "untoward". The money was later returned by the Thomson-Moores. Mr Thomson-Moore told defence barrister Niall Buckley SC that a guide price of €13.5 million had been advertised by the selling agents, which he thought was underpriced, and believed the property to be worth between €17.5 million-€20 million based on a comparator property in Kildare. Mr Thomson-Moore said that Mr Magnier's retort to this valuation was "slightly hostile" before an offer of €15 million was accepted by the Thomson-Moores at the Coolmore kitchen meeting. Advertisement Caren Geoghegan SC, for the Magniers, asked Mr Thomson-Moore about lists drawn up detailing the contents of the Barne mansion and asked why there were two lists - one "complete" list with a separate incomplete list going to the trustees of the estate. Mr Thomson-Moore said that after the Magnier offer, he was in talks organising an auction of the contents of Barne with Mealy's auction house. Ms Geoghegan put it to Mr Thomson-Moore that his intention at this time was to give one list to the trustees that did not disclose all the items in the house. She put it to him that his intent was to not disclose "high-value items" to the trustees of the estate, which he denied. "There is no ambiguity about the intention," said Ms Geoghegan, "a complete list and then a separate list for trustees." Mr Thomson-Moore said "it didn't happen" but added: "that is what it looks like, though, yes". The case continues before Mr Justice Max Barrett.
Daily Mail
11-07-2025
- Business
- Daily Mail
Seaside home on English Riviera could be yours for just £1 - but it does come with a catch
Your pocket change could buy you a seaside home on the English Riviera which has gone on the market for just £1 - but it does come with a catch. The two-bedroom apartment in Paignton, Devon - aptly named Sea Breeze - is only one minute away from the town's famous sea front. But whoever snaps up the cheap-as-chips summer bolt hole will have to be willing to accept the home needs a lot of work. Sea Breeze looks like a building site on the inside and is unfurnished as it has recently been refurbished and is in the final stages of second fix. It could be transformed into a dream home by the beach if the buyer is happy to get the finishing touches done. Sean Roper, of South Wales based Paul Fosh Auctions, said: 'This really is an opportunity not to be missed. 'If you're in the market for a seaside bolt hole or holiday let in one of England's red hot holiday spots then this chic apartment could well fit the bill. 'Sea Breeze, on Hyde Road, Paignton, is a ground floor apartment complete with open plan kitchen and living area with two bedrooms and bathroom. 'And if the beach is just a bit too sandy or it's too hot then there is a restful rear garden in which to recline and soak up the summer sunshine in peaceful Paignton.' He added: 'The property has been recently refurbished and is at final stages of second fix. 'The kitchen is already supplied and in the property. It requires skimming and painting before being ready to enjoy or let out or sell on the open market. 'This a great opportunity for an investor which won't break the bank in terms of expenditure to complete the refurbishment of the apartment. 'As serviced accommodation or as a holiday let, a well-furnished to a high standard apartment the Paignton property could well generate a rent of around £35,000 per annum on a short stay basis. 'If a long term let is considered with the property refurbished to a similar high standard it is going to command a monthly rental in the region of £900- £1,000 p.m.' Sea Breeze, along with some eighty other lots, is being offered for sale online at Paul Fosh Auctions which starts from 12 noon on Tuesday, July 29 and ends from 5pm on Thursday July 31.
Irish Times
19-06-2025
- Business
- Irish Times
Magnier case: Row breaks out in court over claims gallery members tried to communicate with witness
An argument broke out during a hearing in the High Court case taken by bloodstock billionaire John Magnier over a failed property deal for a Co Tipperary estate. On Thursday, the defence claimed a member, or members, of the public gallery were attempting to communicate with a witness under cross-examination by nodding to him on certain answers. The case centres on Mr Magnier's claim 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 estate. Coolmore Stud founder Mr Magnier claims Barne Estate reneged on the alleged deal, preferring to sell at the higher price of €22.25 million to Mr Regan, founder of New York building firm JT Magen. READ MORE The Magniers say the deal was struck at Mr Magnier's Coolmore home on August 22nd, 2023. They also claim an exclusivity agreement in effect from August 31st to September 30th stipulated 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. Barne says there was never any such agreement as they needed the consent of the trustees to finalise any agreement and they subsequently preferred to sell to Mr Regan. Mr Regan is not a party to the case. The nodding in court claim was made on Thursday by Martin Hayden SC, for Barne Estate, while his colleague Niall F Buckley SC, was conducting the cross-examination of a financial manager at Coolmore, Tim Gleeson. Mr Gleeson was giving evidence on communications timelines, statements and meetings surrounding the failed deal. Mr Hayden apologised for interrupting the cross-examination and claimed that he had been informed by a note from his legal team that a member or members of the gallery had been nodding at the witness. Mr Hayden gestured towards the Magnier side and told Mr Justice Max Barrett that he was asking individuals 'on the Coolmore side to stop making head gestures' in relation to questions asked of Mr Gleeson. 'It has happened on four occasions now in relation to particular questions asked and head gestures are being made by certain individuals in the gallery,' said Mr Hayden. Mr Gleeson said he did not see any gestures and that he was following documents from the witness box and facing the judge when answering questions over his witness statement. Paul Gallagher SC, for the Coolmore side, said he did not accept the assertion made by Mr Hayden. About 10 minutes later, Mr Hayden rose again to tell the judge 'it is occurring again'. 'They are giving indications of what the answers should be – that's unacceptable'. Mr Gallagher said it was 'an outrageous statement to make – it's not true'. 'I know Mr Gallagher is all-powerful but I don't think he has eyes in the back of his head, I'm not sure he can see what is going on,' said Mr Hayden. Mr Justice Barrett asked all present to refrain from any nodding upon hearing responses given by the witness. Moments later, Mr Gallagher said a member of the defence's legal team was now staring at the gallery where the Coolmore side were sitting at the rear of the court, which he considered 'highly inappropriate'. Mr Hayden said it was appropriate the defence made sure the claimed behaviour did not happen again. Jerome Casey, a senior member of staff at Coolmore who fronts property deals for Mr Magnier, told Caren Geoghegan SC, for the Magniers, 'we are honourable people' who would not go back on an agreed deal. Mr Casey said the exclusivity agreement was put in place because contracts for the estate had not been issued immediately to Coolmore by the vendors' solicitors and that by late August he was made aware that Mr Regan was 'not happy' about the purported sale of the land to the Magniers. Mr Hayden asked Mr Casey if the main reason for the exclusivity agreement was Mr Regan's interest and was told 'very much so'. The case continues before Mr Justice Barrett.
Irish Times
05-06-2025
- Business
- Irish Times
Son of John Magnier says he handed over €50,000 in two envelopes as an ‘appreciation' to Barne Estate owners
A son of billionaire bloodstock magnate John Magnier has told the High Court he handed two 'brown' envelopes containing a total of €50,000 in cash to an estate agent involved in a failed €15 million property deal. JP Magnier said the envelopes were to be delivered to the beneficiaries of the Barne Estate as a showing of 'appreciation'. In other evidence on Thursday, a solicitor involved in the proposed conveyance of Barne Estate, Co Tipperary, which is the subject of the legal action by John Magnier who alleges the €15 million deal was reneged upon by the vendors, told the court an agreement was in place between the parties before an exclusivity document was signed. Joseph Fitzpatrick, of Smithwick Solicitiors, told counsel for the Barne Estate he secured an exclusivity agreement signed by both sides to run from August 31st to September 22nd, 2023, after hands were allegedly shaken on a deal. READ MORE Lawyers for Mr Magnier, founder of Coolmore Stud, have argued 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 estate. Mr Magnier's proceedings claim the Barne Estate owners reneged on the alleged deal, preferring to sell at the higher price of €22.25 million to Mr Regan, founder of the New York building firm JT Magen. Mr Magnier – along with his adult children – wants to enforce the alleged deal which they say was struck at an August 22nd, 2023, meeting at Mr Magnier's Coolmore home. They claim the exclusivity agreement 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. The 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, who is not a party to the case. On Thursday, JP Magnier told Paul Gallagher SC, for the Magnier side, his father asked him to get €50,000 in cash on September 8th, 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 on to 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 11th, 2023, he said the estate agent met JP Magnier and 'pushed' the envelopes in his direction, saying the Thomson-Moores were concerned 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 they were brown. Mr Buckley put to JP Magnier 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. 'No,' JP Magnier replied. 'Doesn't that say it all,' Mr Buckley said. '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, 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. He said Mr Magnier had deposited €15 million in the Smithwicks' client account before any purported contract was signed in order to 'show good faith'. However, he said that a week before the exclusivity agreement expired, the Thomson-Moores said they were taking tax advice. '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.
