Twelve months after publicly announcing the property was for sale during the 2021 Fasig-Tipton Night of the Stars event, and five months after the June 2022 announcement of the $55-million price tag for the famed Kentucky Thoroughbred breeding farm Adena Springs, the Icon Global Group, confirmed a “call for offers” is likely coming soon.
Following is an open letter from Icon Global Group:
We have made significant progress within our stated process. The interest, activity, and expressions of interest to date have been consistent since the June price announcement with an uptick in qualified activity. Correspondingly, it seems that the prices, numbers, and activities are up nationally for horse sales, while the Thoroughbred racing industry globally continues to be energized. The sector in 2022 is enjoying an extremely robust market environment. It seems Winston Churchill was right when he said “the outside of a horse is good for the inside of a man” as the racing and equestrianism marketplace seemingly disregard and defy the drumbeat of various economic forecasts and geo-political events- instead, turning inward for the calm of horse ownership.
“The 2022 results of Fasig-Tipton, Keenland, Tattersalls, etc. via sales venues and events everywhere are up, and seemingly, records have been set across the board.” said Icon Global CEO, Bernard Uechtritz.
Accordingly, there is movement in the associated real estate markets. Frankly, as with our core high-end business of big ranches and other special assets, trading in similar projects within price levels such as Adena Springs remains strong. For example, locally, the recent announcement and simultaneous pending sale of Woodford County's Pin Oak Stud by the Justice realty firm in Lexington as well as other significant listing momentum within private, off-market activities in various racing pockets locally, nationally, and globally are in line with the Adena Springs value proposition. There is always smart money for great real estate anywhere – in any market, regardless of where conventional indicators and talking heads may point.
Representatives together with local and international brokers, farm management, and others will be on-site and in Lexington, Ky., all this week during the Breeders Cup as well as the subsequent Fasig-Tipton and Keeneland sales venues events to follow.
As we continue to navigate and discern existing expressions of interest in the property, we will potentially make an official tender date decision known sometime after the fall Breeders Cup and sales events.
There has been a line out the door since day one for those who would like to own, lease, or operate parts of the farm, and there have been some interesting propositions inside and outside of racing to evaluate. Some of these provide great revenue options for new ownership – however, at this stage, we are focused on single-buyer prospects in the form of potential next-new industry blood or existing stewards within racing and equestrianism for the sale of the property in a single transaction.
The farm naturally divides in half or even other large parts for various types of operations and other development; however, unless really pressed on this within the offers process, we plan to leave those options, decisions, and add value opportunities for a new owner.
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