A verdict in the long-running Barne Estate case involving billionaire businessman John Magnier is expected at the High Court on Monday.
Mr Justice Max Barrett’s ruling will be delivered electronically to the legal teams in the case before being made public.
Mr Magnier and his family sued the owners and trustees of the 751-acre estate in Co Tipperary over an alleged sale which occurred on August 22nd, 2023.
The billionaire claimed that he had shaken hands and reached a deal with owner Richard Thompson-Moore at a meeting in Mr Magnier’s Coolmore Home on that date to buy the estate for €15 million.
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He further claimed that the deal entered into with Mr Thomson-Moore included the approval of the Jersey-based company ICEQ, the trustees of the estate.
Mr Thomson-Moore and his Anna wife deny that any deal was agreed and that, in any case, they needed the approval of the trustees in Jersey.
Instead, they state that the outcome of the meeting at Mr Magnier’s home was equivalent to “sale agreed” and was still subject to contract.
This, their legal team stated, was confirmed by the fact that Mr Magnier’s team sought an exclusivity agreement lasting four weeks until the end of September. This meant they could not speak to any other bidder.
After the exclusivity agreement lapsed, New York-based millionaire Maurice Regan came in with an offer of €22.5 million, 50 per cent above what Mr Magnier had offered.
The offer was accepted by the Thomson-Moores, who said they wish to conclude the sale so they can move to Australia with their severely disabled son.
Former attorney-general Paul Gallagher SC, who represented Mr Magnier, said it was their case that the agreement entered into on August 22nd, 2023 constituted a legally binding sale and that Mr Thomson-Moore had the authority to conclude the deal.
Furthermore, the exclusivity agreement, a tillage agreement which allowed Mr Magnier’s employees to till the Barne Estate and a contract to retain an employee of the estate demonstrated that a binding agreement had been entered into, he added.
Mr Magnier gave evidence for two days in which he stated that Mr Thomson-Moore had the authority on the night to conclude the deal.
He believed the Thomson-Moores had been led astray by Mr Regan.
Mr Regan, who gave evidence in the case, said he was upset to be described in court by Mr Gallagher as a “dark force” trying to breach an exclusivity agreement. He claimed to have been blocked from making a bid and that all he wanted to do was buy the estate.
The case lasted 19 days at the Commercial Court and concluded in early August. Both sides employed two senior counsel and two junior counsel barristers each Mr Magnier was represented by the law firm Arthur Cox while Mr Thomson-Moore was represented by Creed McStay LLP.
The legal costs are likely to run into millions of euros.
