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18 Oct 23
15:23
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18 Feb 02
Billionaire thoroughbred stud owner John Magnier and two of his children are involved in a legal dispute relating to the proposed purchase of a 751-acre farm estate and mansion in the Golden Vale.
The property, Barne Estate, was last month reported to have been bought by Magnier’s Coolmore Stud operation.
Barne Estate had been on the market since July, with a guide price of €13.5m.
But a deal for the period house and farm near Clonmel, Co Tipperary appears to have hit a significant snag, with parties involved now heading to the High Court.
Coolmore believed it had a deal. But it is still advertised ‘for sale’
Mr Magnier, his son John Paul and daughter Katherine Wachman initiated proceedings on Monday against the estate’s manager, Richard Thomson-Moore, Barne Estate Limited and two companies registered in Jersey.
The Magniers are being represented in the matter by ‘Big Five’ law firm Arthur Cox.
It is thought Coolmore believed it had a deal for the property. However, it remains advertised as being ‘for sale’ by selling agents Savills and REA Stokes & Quirke.
While full details of the dispute have not been publicly disclosed, High Court records show the Magniers are suing for the “specific performance” of an agreement.
this is a relief usually sought to force another party to a contract to comply with their obligations under that contract.
A spokesman for Coolmore said he could not comment as the matter was before the courts.
Attempts to make contact with a representative of Barne Estate proved unsuccessful.
The property has been in the hands of the Moore family since 1654.
It comprises a large farm and a 17th century 12-bedroom chateau-style mansion overlooking a lake.
About 631 of the Barne Estate’s 751 acres is classified as first-class fertile and versatile tillage land, according to the selling agents.
The mansion itself is valued at €2.5m, measures over 1,500sqm in size across four floors, and is reached via a tree-lined driveway.
It is surrounded by formal gardens, a walled garden, and a tennis court.
The property is located not far from Coolmore’s headquarters in Fethard.
Coolmore has been buying up land that has become available in the area in recent years.Previous purchases include a 600-acre tillage farm in Grange, reportedly bought for €11m in 2013, and a 360-acre parcel of land in Marlfield, said to have cost around €6m.
Those lands have been used for tillage farming since being purchased.
Mr Magnier is considered one of the most influential figures in the world of horseracing and breeding.
His Coolmore operation spans several locations in Ireland, the United States and Australia.
The billionaire once had a stake of close to 29pc in Manchester United, which he sold to the Glazer family in 2005.
The football club’s former manager Sir Alex Ferguson was involved in a high-profile legal dispute with Mr Magnier over ownership of lucrative stallion Rock of Gibraltar. The matter was settled in 2004.
The property, Barne Estate, was last month reported to have been bought by Magnier’s Coolmore Stud operation.
Barne Estate had been on the market since July, with a guide price of €13.5m.
But a deal for the period house and farm near Clonmel, Co Tipperary appears to have hit a significant snag, with parties involved now heading to the High Court.
Coolmore believed it had a deal. But it is still advertised ‘for sale’
Mr Magnier, his son John Paul and daughter Katherine Wachman initiated proceedings on Monday against the estate’s manager, Richard Thomson-Moore, Barne Estate Limited and two companies registered in Jersey.
The Magniers are being represented in the matter by ‘Big Five’ law firm Arthur Cox.
It is thought Coolmore believed it had a deal for the property. However, it remains advertised as being ‘for sale’ by selling agents Savills and REA Stokes & Quirke.
While full details of the dispute have not been publicly disclosed, High Court records show the Magniers are suing for the “specific performance” of an agreement.
this is a relief usually sought to force another party to a contract to comply with their obligations under that contract.
A spokesman for Coolmore said he could not comment as the matter was before the courts.
Attempts to make contact with a representative of Barne Estate proved unsuccessful.
The property has been in the hands of the Moore family since 1654.
It comprises a large farm and a 17th century 12-bedroom chateau-style mansion overlooking a lake.
About 631 of the Barne Estate’s 751 acres is classified as first-class fertile and versatile tillage land, according to the selling agents.
The mansion itself is valued at €2.5m, measures over 1,500sqm in size across four floors, and is reached via a tree-lined driveway.
It is surrounded by formal gardens, a walled garden, and a tennis court.
The property is located not far from Coolmore’s headquarters in Fethard.
Coolmore has been buying up land that has become available in the area in recent years.Previous purchases include a 600-acre tillage farm in Grange, reportedly bought for €11m in 2013, and a 360-acre parcel of land in Marlfield, said to have cost around €6m.
Those lands have been used for tillage farming since being purchased.
Mr Magnier is considered one of the most influential figures in the world of horseracing and breeding.
His Coolmore operation spans several locations in Ireland, the United States and Australia.
The billionaire once had a stake of close to 29pc in Manchester United, which he sold to the Glazer family in 2005.
The football club’s former manager Sir Alex Ferguson was involved in a high-profile legal dispute with Mr Magnier over ownership of lucrative stallion Rock of Gibraltar. The matter was settled in 2004.
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Coolmore are flexing their muscle, and lawyers on both sides are making a mint. When it comes to money and friendship, the super-rich will put money 1st; Sir Alex Ferguson can vouch for that eg Rock Of Gibraltar.
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I'm no corporate lawyer but iirc "specific performance" (which OP says Magnier relies on) is the same legal concept that forced Elon Musk to buy Twitter at the vastly inflated price he'd conjured out of thin air, and that stopped him backing out as he wanted.
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And guess what 75 year old John Magnier won't be able to bring any of it with him, how much is enough?
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How John Magnier’s ‘handshake deal’ for €15m Barne Estate unravelled – as rival tycoon now tipped to swoop in for farm
Unmute Share John Magnier's €15m hand-shake property deal lands in the high court Shane Phelan Today at 02:30 Barne Estate, a 751-acre farm and mansion in the heart of the Golden Vale, is easily one of the most desirable agricultural properties to have come on the market in Ireland in recent years. In the hands of the Moore family since 1654, it went on sale with a guide price of €13.5m on July 7. There was little surprise when the Irish Farmers Journal reported two months later that billionaire John Magnier’s thoroughbred stud operation Coolmore had snapped up the award-winning tillage farm near Clonmel, Co Tipperary. Coolmore is located in nearby Fethard and has been on something of an acquisition spree of late, buying up large farms in the county. However, this week it became clear the proposed purchase had hit the rocks, with Mr Magnier and two of his children filing a High Court action against the owners of Barne Estate aimed at forcing the transaction through. Legal papers seen by the Irish Independent reveal that at the heart of the matter is a dispute over whether an alleged handshake agreement represented a binding deal to sell. To add to the intrigue, the emergence of a rival bidder is thought to be one of the factors that scuppered the sale. Mr Magnier’s interest was immediately piqued when Barne Estate came on the market. One of his representatives, Tim Gleeson, discussed a possible purchase with lead estate agents Savills six days later on July 13. By August 22, Mr Magnier was ready to make a firm offer. Coolmore’s farm manager Joe Holohan contacted the local auctioneer involved in the sale, John Stokes of REA, inviting him, Richard Thomson-Moore and his wife Anna to Coolmore House, where they met that evening with Mr Magnier and his wife Susan. Mr Thomson-Moore, a graduate of the Royal Agricultural University in Gloucestershire, had taken over the running of the estate following the death in 2015 of his father Colijn, a retired British army major who served with the Irish Guards. According to a legal filing, Mr Thomson-Moore and his sister Alex are beneficial owners of the estate, with the property being held for them by Barne Estate Ltd, a Jersey trust. A deal was supposedly struck at the meeting for the purchase the farm estate – including a 12-bedroom, 1,500 square metre period mansion, surrounded by formal gardens – for €15m. According to their statement of claim, the Magniers allege Mr Thomson-Moore, Mr Stokes and Mr Magnier shook hands on the terms of the agreement. However, according to the filing, the purchase was never completed and lawyers for Barne Estate have now said their instructions are that there was no agreement in place to sell to the Magniers. The Magniers are seeking declarations the alleged sale agreement is binding, as well as orders that it must be complied with. They have also indicated they may seek an injunction restraining the owners from selling to anyone else. Heavyweight law firm Arthur Cox is acting for the Magniers, who have not commented on their lawsuit. As news of the case emerged, speculation was rife that another bidder had jumped ahead of them with a substantially larger offer. Local sources have suggested the other interested party is Maurice Regan, the low-profile founder and CEO of North American construction firm JT Magen, who also has interests in the hospitality industry via a shareholding in the Mercantile pub group. The Co Kerry-born millionaire has a substantial bloodstock operation, Newtown Anner Stud, with locations near Clonmel and in Kentucky. Mr Regan did not respond when the Irish Independent contacted his New York office. The Magniers upped the ante on Wednesday, registering a “lis pendens”. This is a notice putting other potential buyers on notice of the legal dispute over the property. It is unclear at this stage if Mr Thomson-Moore is going to fight the lawsuit. “I have no comment at this moment,” he said when contacted. If the dispute does go to trial, the case is likely to hinge on whether a binding sale agreement was in place. Mr Stokes, the other person said to have been involved in the handshakes over the alleged deal, did not respond when contacted. According to the statement of claim, it was agreed that the purchase could be completed via one of two possible mechanisms. One was a “land agreement”, allowing for the direct purchase of the property. Under this, any machinery would be excluded from the sale and an offer of employment would to be made by Mr Magnier to Colin Flaherty, the current estate manager. The other possible mechanism was an “option agreement”, under which the transaction would be completed through the purchase of the shares in Barne Estate Ltd. According to the statement of claim, it was left up to Mr Magnier to choose which option to take. The filing went into considerable detail about the meeting on August 22. John Stokes, Richard Thomson-Moore and Anna Thomson-Moore were said to have left the room twice to telephone the trustees, who the Magniers understood to be the directors of Barne Estate Ltd, and the other beneficiary of the trust, Alex Thomson-Moore. It is claimed that when Mr Thomson-Moore returned to the room, he confirmed the trustees and his sister had approved the transaction. A subsequent letter from Savills on August 25 said the agreement was subject to the conclusion of a written contract signed by both parties. The Magniers argue this was not the case and that the agreement became binding at the point handshakes were exchanged. (From left) JP Magnier, Samantha Magnier and John Magnier. Photo: Chris Jackson/Getty Images (From left) JP Magnier, Samantha Magnier and John Magnier. Photo: Chris Jackson/Getty Images According to the filing, Mr Magnier paid a €250,000 deposit to Savills on August 30 and a day later, an exclusivity agreement was made for the sale to proceed under the “land agreement” option, with an expiry date of September 30. The filing claimed that on August 31, Mr Magnier was also granted a tillage licence by Barne Estate Ltd for €1, which his side argues was premised on there being a binding sale. The Magniers say they subsequently ploughed 650 acres of the lands, sowing 48 acres with rapeseed, and spent €30,000 on seed to be sown when weather conditions permit. It is alleged that by September 6, on the encouragement of Mr Stokes, €15m was transferred by Mr Magnier to his solicitor’s client account. The following day, Mr Magnier is said to have offered a job to Mr Flaherty, in line with the land agreement. It is also claimed Mr Thomson-Moore requested assistance with the tax implications of the sale and that Mr Magnier arranged for him to get advice from KPMG. While everything, according to the Magniers, seemed to be pointing towards a conclusion of the deal, things appear to have changed later that month. Their statement of claim said that on September 28, solicitors for Barne Estate indicated they were not willing to extend the exclusivity agreement beyond September 30. In subsequent days, solicitors for the Magniers sought assurances about the sale. However, it is claimed solicitors for the estate told them on October 3 they had been instructed that no agreements were ever reached in respect of the sale of the property. The legal filing said Mr Magnier was “ready, willing and able” to go ahead with the purchase. Only time will tell whether the owners will acquiesce or opt to dig in their heels and let the dispute unfold in the Four Courts. Read more |