The legal battle has taken place in the Island because the sale was conducted by a share vending agreement involving Channel Island companies and trusts.
The property, Shortwood, is on the borders of Cambridgeshire and Northamptonshire set in 100 acres of land, including an equestrian centre.
It was purchased from property developer Ian Blatchley by negotiators on behalf of American merchant banker Philip Adkin for £3.
5 million in February 2001.
In the case heard in the Royal Court on 23 February, Guernsey company Bespoke Investments Ltd claimed that Lincoln Nominees Ltd, Lincoln Trust Company (Jersey) Ltd, and Lincoln Trust as trustee of the Lantau Trust, had breached the terms and conditions of the share sale agreement because items included in the sale had not been fully installed or had been removed from the property.
The specific items included a Linn Audio system throughout the house, CCTV cameras with alarm system and video entry, a Miele washing machine and tumble drier, rotary hand mower and strimmer, and quality equestrian saddles.
The plaintiff submitted that although parts of the audio system were in place, the amplifiers, receivers and other equipment had not been installed and were not functioning.
In the case of the alarm system, the wiring was in place, but a system had not been fitted.
It was further claimed that the commercial washing machines (for washing and drying horse blankets) had been removed from the property before completion, together with the mower, strimmer and saddles.
The total claim for £145,182 was based on estimates for top-quality replacements.
In the judgment the Bailiff, Sir Philip Bailhache, sitting with Jurats Georgelin and Newcombe, found the defendant to be in breach of certain obligations.
Referring to each claim in turn, Sir Philip said that according to the agreement, the vendor was obligated to deliver all the property and all of the ‘chattels’ listed.
The court awarded damages for all of the items, except for the saddles, for which there was no contractual obligation.
The Lincoln companies were ordered to pay a total of £102,018 to Bespoke Investments, based on less ‘enhanced’ estimates.
