Meath property developers John Burke and Sean Flanagan are suing McGinley Construction, from Lifford, for not completing the purchase.
The deadline for clearing the remaining balance on the sale was 31 May this year.
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The written contract, described as "extraordinary" by Justice Peter Kelly, was agreed in November 2006 and transferred lands in East Wall.
To secure the €19m deal the defendant, McGinley's, reportedly paid €100.
Messrs Burke and Flanagan said it was their understanding McGinley's had entered into the contract and planned to commercially develop the land.
The men said they sought revised planning permission with increased density but this was refused.
McGinley's said this refusal presented them with a problem and the parties had been unable to resolve the issue.
Mr Justice Kelly transferred the proceedings to the Commercial Court list.
(PR/JM)
