Coolmore boss John Magnier has flexed his financial muscle to buy a 67ac farm bounding the controversial Barne Estate he is embroiled in court proceedings over.
The Irish Farmers Journal understands Magnier has paid in excess of €2.5m, or over €37,000/ac, for Grove Ryan Farm at Ballingarrane North, Clonmel.
The 67ac grassland farm had a guide price of just over €1m, or almost €15,000/ac, set by auctioneer John Stokes of REA Stokes and Quirke. Stokes was also one of two estate agents handling the sale of the 751ac Barne Estate, which directly borders Grove Ryan Farm.
The extraordinary sale price is two and half times the guide price. It is also nearly twice what Magnier agreed to pay for the substantially bigger Barne Estate, which includes a chateau-style 12-bedroom mansion. Magnier did not respond to a request for comment.
Court case
In early October, John Magnier, his son, John Paul, and daughter, Kate Wachman, launched court proceedings aimed at forcing the Barne Estate owners – Richard Thomson Moore, Barne Estate Ltd, and associated companies – to follow through on what the Magniers maintain was a binding deal at €15m, agreed at a dinner in August 2023.
The Barne Estate’s legal team subsequently told the High Court they intend to file a motion to dismiss the case.
The court wrangling will recommence in the coming weeks, but the Irish Farmers Journal understands that construction magnate Maurice Regan has agreed terms to buy Barne Estate for in excess of €20m and the sale is due to complete in the coming days.
Council submission
Meanwhile, Grove Ryan Farm is adjacent to another property owned by Tipperary County Council, which was the subject of a recent submission to the Clonmel Local Area Plan 2024-2030. Condon’s Cross is one of three existing Traveller accommodation sites in Clonmel highlighted by the council as needing to be extended to provide the Traveller families with their preferred accommodation.
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