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.
