American breeder Spendthrift has ended his multi-million dollar Australian farm.
Spendthrift Australia is based in Romsey, northwest of Melbourne, home to five stallions, including Group 2 winner Dirty Work.
More than 50 brood mares and their foals and yearlings are on the property.
Spendthrift Australia chief executive Gary Cuddy said management hoped to sell the property and the blood supply to a buyer.
“Hopefully there would be a buyer who would come in and buy land, horses, machinery and that sort of thing on a one-level basis,” he said.
“That would be the ideal scenario.
Cuddy said the stud will operate normally until the sale is finalized, meaning all horses will continue to receive the best possible care.
“It is a 100 percent duty of care to the animal and the staff,” Cuddy said.
“We will continue to take care of the horses and the staff until someone comes to buy the property and hopefully we can continue to take care of them in the future.
“We are only in the early days and we are working to put the right wheels in motion.
Spendthrift Australia has spent over $ 40 million on local yearling sales over the past few years.
Spendthrift’s portfolio includes a significant stake in $ 1.2 million colt Pyrois, talented three-year-old filly Mac ‘N’ Cheese and $ 900,000 to buy Oughton, who won the last start at Sandown on December 15. .
Spendthrift Australia was also a naming rights sponsor for Werribee Racecourse.
American magnate B. Wayne Hughes created Spendthrift Australia to complement his Kentucky farm, which he bought in 2004.
Hughes died in August. His son-in-law Eric Gustavson took over Operation Spendthrift.
Gustavson announced the shutdown of the Australian business on Wednesday (US time).
Oughton’s $ 900,000 purchase carried the orange and purple colors of Spendthrift Farm to victory in Sandown earlier this month. Image: Race photos via Getty Images
“It was a very difficult decision for us,” said Gustavson.
“We have a great team in Australia and we will be working closely with them to help make this transition as smooth as possible for them.
“The thoroughbred industry in Australia is one of the best in the world, and we have great respect for the work they did to build it.
“We were fortunate to meet so many amazing people there and really enjoyed the experience.”
Spendthrift’s U.S. chief executive Ned Toffey said the organization would continue to seek new ways of doing things despite a lack of success in Australia.
“We’ve made it a point at Spendthrift to branch out and try new things,” Toffey said.
“Of course, not all ideas will work, but I guarantee you that we will continue to take this approach. “
The Australian management of Spendthrift has been contacted for comment.