While we’re at it, the old Wraparound training center adjacent to LA Downs is up for sale at a mere $3million…of which I wouldn’t pay $300,000 for it!
While we’re at it, the old Wraparound training center adjacent to LA Downs is up for sale at a mere $3million…of which I wouldn’t pay $300,000 for it! Back when the listing of this property was still a rumor, Harrah’s was also rumored to be interested.
PS This is the training center where a majority of Ruffian was filmed.
Kinnitty Castle is a NEAT place - a true Inn with lots of facilities and activities. I thought they had gotten some kind of deal with Disney for things (this was a few years back)… Definitely a wonderful COMMERCIAL investment - not a private one. Check their website.
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Back on the market - Highland Farms for $19.5 million in Bourbon Co, Kentucky a far cry from what it was pitched for in around 2001/2002.
The stables portion on 417 acres [which was the birth place of Derby Winner Gato Del Sol] is on the market for another $5.2 million or so.
At that time the whole 2,000 acre estate was listed for $40 million to $60 million. (Today the mansion alone is listed on just 270 acres) For the $60 M price tag back then you got “one Kentucky Derby winner - Real Quite, 115 breed mares, 30 barns and 19 other homes” plus the 35,000 sq ft. stone mansion.
The property was built by George Hofmeister who lost most of his fortune due to a series of unfortunate circumstances. A head on collision with a delivery truck in Nov 1998 made things worse. In fact he was in a wheelchair for five months afterwards. Per his attorney at the time “unable to oversee dozens of businesses across the world, his net worth declined from $196.7 million to negative $6.5 million.”
George also went on to sue a number of folks including Bob Baffert and Mike Pegram over Real Quiet then later a number of insurance companies.[/QUOTE]
Thank you Glimmerglass for all your information. This was a wonderful post and most enjoyed. Obviously, you know your " stuff." Hope you post again!
If you were an author I would love to buy your book.
Wondering if they sold Old Frankfort Stud?? We had a couple of horses for Mr. Plemmons last year, didnt know his farm was for sale…
re: valuation of Saratoga Springs’ largest household, the Breyo property at 51 Winding Brook Drive
Albany Times Union June 15, 2007 - “Spa panel: $20M home value stands”
The assessment now stands as it is, and would cost its owner $436,000 in annual taxes. But Breyo, who could not be reached for comment, can now challenge the board’s ruling through an Article 7 lawsuit.
The city assesses property at 83 percent of market value. (At 83 percent, the annual property taxes would be $98,000 for the city, $56,000 for the county and $282,000 for Saratoga Springs School District.) Franck’s full valuation of the Breyo’s home and 29-acre property was $24 million.
In light of this Westchester if not Fairfield like county assessment / property valuation for a Saratoga residence you have to wonder how much Sheik Mo will be assessed with the former Greentree Stables and mansion!
Edited to add: for the record: Saratoga Race Course is assessed with a land value of $6.3 million and total with buildings at only $40.68 million.
Quote:
The assessment now stands as it is, and would cost its owner $436,000 in annual taxes. But Breyo, who could not be reached for comment, can now challenge the board’s ruling through an Article 7 lawsuit.
The city assesses property at 83 percent of market value. (At 83 percent, the annual property taxes would be $98,000 for the city, $56,000 for the county and $282,000 for Saratoga Springs School District.) Franck’s full valuation of the Breyo’s home and 29-acre property was $24 million.
WOW!! :eek: And I thought my taxes were bad…
:rolleyes: Good old NY - they don’t call NY the “land of taxes” for nothing.
Not that I would consider this estate’s stabling (which is barely shown in the pictures) as being “wow”, the prior ownership is however interesting:
Clovely Estate, Warrenton Virginia, on 124 acres with 30-stalls
The c.1728 stone/brick/clapboard manor house was owned for a period of many years by Texas multi-millionaire Nelson Bunker Hunt, who operated the estate as a thoroughbred racing and breeding facility.
Hunt, best known outside of racing circles, as the spectacularly failed co-architect of the attempt to corner the world’s silver market via his International Metals Investment Co. LTD in 1979/1980. He declared bankruptcy in September 1988. A famous Hunt quote: “People who know how much they’re worth generally aren’t worth too much.”
Racing wise he was of course once a major player with horses such as his two favorites: the great filly Dahlia and the famed hard charger Exceller. 3-times a winner of an Eclipse for being a Champion Breeder, etc.
Nelson, wasn’t poor despite the bankruptcy, and per this 2001 Forbes Magazine article was begining to return to horse racing at the start of this millennium.
Who knows maybe there are some “pieces of eight” burried on the Clovely property 
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I don’t think I’d ever call it cheap but the very, very lovely Northwood in Oyster Bay Cove, NY (North Shore LI) has been dropped down from $43 million to just $36 million for the 140 acre estate of the Schiff family.
The Schiff’s have continued with their racing interest, most notably Peter Schiff (who owns Northwood Ventures, named so in honor of the family estate) and his Fox Ridge Farm, Inc. That stable owns Naughty New Yorker and Riskaverse as well as steeplechasers trained by the noted Tom Voss. He also is a Jockey Club member, on the Board for NYRA, et al
Before you run out to buy just remember before this mega sale ever occurs the current taxes are approx $195,120 annually so look for them to go above $250,000 post sale. I doubt a steeplechase outfit based there would ever be in the black techincally, in any given year, with the IRS :)[/QUOTE]
Just as a follow up … this property is almost gone …
NY Newsday July 13, 2007 “County to close on part of Gold Coast estate”
excerpt
Nassau County will close Tuesday on an $11 million deal for a 33.5-acre chunk of Northwood Estate in Oyster Bay Cove.
Tuesday’s closing will leave about 26 acres left of Northwood left for sale, a $20 million asking price that includes the 10-bedroom, French Norman- style mansion that the current owners renovated two years ago.
One of the most significant plantations in Virginia, Carter’s Grove, on 400 acres was acquired Dec 19, 2007 by the founder of CNET - Halsey Minor (43) - for $15.3 million plus an undisclosed amount for an adjacent 76 acres.
Per the press release from the prior owner Colonial Williamsburg Foundation:
The release said he plans to use the mansion as a private residence and use the site as a center for a thoroughbred horse-breeding program.
Minor is already venturing into racing: he owns the filly Dream Rush (an Eclipse finalist for this year) whom he bought with his mother (Susie Minor) for $3.3 million this fall and will race in 2008 as a four-year old.
The Minor family has previously been involved with show horses but decided they wanted to get into Thoroughbred racing.
Regarding Carter’s Grove, the Williamsburg Foundation was effectively given the estate in 1969 by way of the Rockefeller Foundation providing the money to acquire the estate. Financially they could not continue its upkeep and to operate it so it was listed for sale with conservation restrictions in 2006 for $19 million. It has not been open to the public since 2002.
Extensive details on the property from the HABS - Historic American Building Survey of 1934
Are they hiring?
sounds interesting; Are they looking to hire??
Just worth mentioning - Lexington, KY based 315 acre Hurricane Hall the c.1790 historic estate and thoroughbred training and breeding facility is for sale at almost $9.3 million.
The centerpiece of the thoroughbred operation is its new one mile uphill polytrack designed to exacting standards and constructed by Keeneland and Martin Collins. Adjacent to the track is a new 1/8 mile circular covered polytrack indoor ride.
It does not appear that Teuflesberg comes with the deal, despite standing in 2008 at that facility 
Dang, that’s a pretty sweet property. I think I might have to go ask the bank what I’d have to do to get a mortgage for $9 million, besides sell them my first born child and my soul…
Interesting timing but yesterday it was announced Silver Wagon will also stand at Hurricane Hall; he joins Artie Schiller, Bellamy Road, and English Channel plus the aforementioned Teuflesberg.
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Interesting timing but yesterday it was announced Silver Wagon will also stand at Hurricane Hall; he joins Artie Schiller, Bellamy Road, and English Channel plus the aforementioned Teuflesberg.[/QUOTE]
Where are they going if the property sells? I assume they’re just moving locations if they’re still adding stallions to the roster.
As an aside and not for sale, but certainly costing a very pretty penny or rather euro …
Ireland’s Limerick Leader Dec 28, 2007 “Further setback for McManus estate”
RACING tycoon JP McManus’s plans to complete his €100m mansion has suffered a further setback after planners have decided to delay a decision on whether to allow construction for a grand entrance to go ahead.
Construction actually started in August 2004 on the 38,372 square foot mansion
Worth noting that while an Irish citizen McManus is actually a tax exile in Geneva, Switzerland. What does that mean? For a maximum 280 days he is allowed to spend in Ireland in any two-year period and retain his status as a Irish tax exile.
Anyhow, it (or Martinstown Stud) will make for a nice retirement home for his (partially owned) The Green Monkey
Not sure what this means for the Grand Slam of Grass in 2008. The $1 million Virginia Derby is still on the schedule to be broadcasted live on CBS on July 19, 2008
In case anyone is interested in buy an entire race course … (as spied by equidaily.com)
January 12, 2008 Richmond Times-Dispatch “Colonial Downs is for sale”
Jacobs said the sale of Colonial Downs will be handled by Libra Securities, which specializes in the sale of smalland medium-size gaming properties.
BloodHorse 1-12-08 “Report: Colonial Downs on Market”
Jacobs said in the statement as reported by the newspaper: “Unfortunately, we have been unable to secure the tools necessary to allow us to grow live racing in Virginia to its full potential.”
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Just worth mentioning - Lexington, KY based 315 acre Hurricane Hall the c.1790 historic estate and thoroughbred training and breeding facility is for sale at almost $9.3 million.
It does not appear that Teuflesberg comes with the deal, despite standing in 2008 at that facility ;)[/QUOTE]
Look who is in contract to buy the training part of the estate (Jan 28, 2008):
The training division at Hurricane Hall near Lexington is under contract to be sold to suspended trainer Patrick Biancone and one of his longtime clients, Fabien Ouaki, said farm president Ben Walden Jr. on Jan. 24. The deal is scheduled to close within 90 days, according to Walden.
“We are focusing on the stallions,” said Walden of the decision to sell Hurricane Hall’s training operation. “The stallions have always been the heart and soul of our business plan. They’re where we see our future.”
Interesting …
So…in this way Biancone will be able to continue day to day training while he is suspended?
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So…in this way Biancone will be able to continue day to day training while he is suspended?[/QUOTE]
Yup, and he can keep his snake venom in the fridge without worry. :lol:
(Sorry, couldn’t resist!)
