Cohen, Miller Ownership Venture “Fun, Immediate Action”

Norwegian playwright Henrik Ibsen believed the strongest man in the world is one who stands alone.

“My father never wanted to complicate things, so he never really wanted another partner,” explained Tim Cohen of his beloved father Jed, the much-missed scion of the Cohen clan, whose paprika-dusted silks have been carried with rare aplomb in recent years under the family's Red Baron's Barn and Rancho Temescal banner.

“I'd have clients at the farm or friends, and they'd go, 'Gosh man, you're doing great. Can we buy into a horse with you?' And I'm like, 'Love to, but I can't,'” he added, highlighting the stable's winning formula, honed to an audacious point, of purloining horses with latent talent from across the pond.

But as Cohen sees it, the industry's economics are putting the monolithic ownership experience on an unrealistic trajectory, making the collaborative one its increasingly inevitable alternative.

That, and Ibsen with his tufty-white mutton chops was never exactly known as the life of the party.

“The intent is to really get people into a marketplace that they would otherwise find very hard to enter or duplicate,” said Cohen, about why he is sunsetting the family's nom de course and replacing it with Rancho Temescal Thoroughbred Partners (RTTP), a bespoke ownership venture, formally unveiled last week, in tandem with his long-time associate, Kentucky-based bloodstock agent Joe Miller.

When it comes to launching new ventures, Cohen's muscle memory should stand him in good stead.

More than 20 years ago, his family purchased a 6,000-acre plot of land in California's Ventura County, transforming a cattle ranch and oil field into a sprawling tangle of fruit groves, emerald pastures and a horse farm.

A former luxury hotel manager, Cohen was plunged into an agrarian crash-course of soil management, growing cycles, climate and water conservation.

Cohen's new partnership shouldn't require the same degree of autodidacticism–yes, that is a word–nor the same amount of dirt beneath the fingernails. But it hardly follows the typical syndicate blueprint.

At $100,000 a pop, Cohen is selling a maximum 30 shares in a Limited Liability Company (LLC), an upfront payment that covers all purchase costs and training fees. Roughly three years later, the LLC will be dissolved with proceeds distributed accordingly. A new LLC will launch every year.

Joe Miller | Tattersalls 

“You're not buying into a horse, you're buying into a company,” said Cohen. “That company is going to acquire the horses.” No more than ten horses per LLC in fact.

Twenty shares have already been snapped up. With the bulk of the investors so far West Coast-centric, Cohen said to expect continued patronage of the stable's current pool of Californian training talent, the likes of Jeff Mullins, Mark Glatt, Bob Hess, Leonard Powell. But the venture has its eyes on nationwide horizons.

“It's not a dictatorship, it's collaborative,” he said. “Right now, nobody's excluded. I think if one trainer had a bunch of clients jump in, then obviously some of those horses would be going their way.”

Cohen stressed the residual benefits to an up-front payment model. No excessive mark-ups, for one. The team can also wield financial elasticity when scouting for talent, a useful shield against the hot flames of a bidding war.

“When a horse becomes available, you need to be able to purchase it right away,” said Cohen. “You can't wait to purchase it then raise the money and hope the horse is still available.”

Miller agrees. “A lot of times we've made offers on horses minutes after they run,” he said.

One that comes to mind, said Miller, is Quattroelle (Ire) (Mehmas {Ire}), who cut a Moses-like swath through the field to claim the GIII Megahertz S. at Santa Anita earlier this month.

“Tim and I made an offer on her within 10 minutes of her crossing the finish line when she ran third,” said Miller, of the horse's debut at Leopardstown in August of 2020.

Cohen and Miller's forays into European sales rings have historically yielded results. The stable's Grade I winner River Boyne (Ire) (Dandy Man {Ire}), for example, was purchased for five figures at Tattersalls Autumn Horses in Training sale in 2017. Looking ahead though, private sales, it seems, will likely constitute the team's phalanx of attack.

Miller lauds “a very good network of trainers that I speak with very frequently” as a backbone of this strategy, supplemented by a network of busy bees.

“We really do our due diligence, a lot of research, spending time with the horses before buying them privately, watching them train,” said Miller, championing the working relationships he's forged with Euro-based bloodstock agents Alastair Donald and Charlie Dee.

That said, “if an outside agent finds a horse that they think would suit us, they're welcome to present us with that horse,” he said. “There are a lot of great agents out there with a great eye.”

Quattroelle won Santa Anita's Megahertz Feb. 4 | Benoit

So, what type of horse gets the blood pumping? For one, “fillies with a little bit of pedigree, with a little bit of residual value,” said Miller. “If they're the right physicality, they can have a lot of value at the end of their career to go on to be a broodmare.”

Runners without the necessary on-track seasoning don't typically cut the mustard. “We like to see them run several times and show progression in the right direction.”

In terms of physicality, “we specifically like very good-looking horses that are going to go on firm ground, what we think are on the improve, and have a turn of foot,” he said.

They also need the constitution and fortitude to train “day in, day out” over America's deep dirt tracks, he said. Horses with a strong hind-end are desirable. “And you need a hip to it,” he said, “a bit of a shoulder.”

Smaller horses aren't necessarily looked over. “But they have to be very, very well balanced,” he said. “And they have to have some scope.”

If the horse couldn't cut it as a yearling, said Miller, “a lot of times we're not really going to want to buy it as a racehorse either, no matter what their record is.”

When it comes to RTTP's one-and-your-done payment method, Miller has had prior experience in other syndicates built around a similar model.

“It seems to work for people who don't want a monthly bill. You write one check and you get a check back at the end,” he said. “It wasn't for everybody, but it did seem to work for a lot of people.”

Goals are lofty–or rather, they remain so.

Front and center of last week's press release was an impressive set of numbers illustrating Red Baron's Barn and Rancho Temescal's recent big race clout: over the last three years, 27 of the stable's horses have either won or placed in stakes company.

“We want to keep winning stakes. We want to get people in the winner's circle at Santa Anita, Del Mar. Really, everywhere,” he said.

Another key aim of the partnership, said Miller, is to remove so many of the obstacles littering the way to the winner's circle.

“People always have setbacks. It's just not easy to get your horse to the races,” he said, calling the long road to the racecourse “the hardest part” for owner-breeders especially.

“Our horses have already made it to the races, and we have a very reasonable expectation that they are going to be running right off the plane for us. Most of the time they do so successfully,” said Miller.

“We just want people to have a lot of fun, some immediate action,” he added. Immediate action, and–in news welcome to any frugal investor with one eye on their checkbook–“we do want to be fiscally responsible about it.”

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Red Baron’s Barn and Rancho Temescal’s Jed Cohen Passes Away

California's Red Baron's Barn and Rancho Temescal–the nom de course of the Cohen family–lost the stable founder and the Cohen family patriarch, Jed Cohen, Sunday, Nov. 27. Cohen passed away in Del Mar at the age of 89 after battling health issues for the past few years.

Among the top horses raced by the Cohens–sometimes in partnership–were GISWs Janet (GB) (Emperor Jones), River Boyne (Ire) (Dandy Man {Ire}), and Dr. Schivel (Violence). The stable most recently took the leading owner title at the 2022 Santa Anita fall and winter meets and is currently leading the Del Mar meet. Their most recent win came in the final race Saturday at Del Mar in an optional allowance with Percolate (Ire) (Sir Percy {GB}). The operation often bought ready-made racehorses in Europe and had success in bringing them to compete stateside.

According to his son, Tim Cohen, Jed Cohen had been involved in horse racing for about 61 years and was brought to the sport through his own father's pocket-change forays in the Big Apple.

“His father loved horse racing,” said Tim. “His father and three other people would pool 50 cents together to make a $2 bet in New York.”

A backbone of the California racing industry for decades, Jed Cohen's “greatest achievement,” said Tim, was the “the achievement of others. He was always immensely happy with everyone associated in the victories. His greatest victory was the joy of others.”

That, “and he just had this genuine love of people and horses,” said Tim. “We never wanted the last race out of a horse. We always wanted them treated the right way. If there was a problem, we stopped. He never wanted a horse to run if it wasn't exactly right.”

Former trainer Darrell Vienna, who enjoyed tremendous success with horses racing in Cohen's colors, concurs.

“He was the perfect owner. If a horse needed rest, he absolutely insisted on it. His attitude was, 'let's do the best by the horse,'” said Vienna, who estimated that he had known Cohen for more than 30 years.

“He was just a really special person,” Vienna said. “After I retired from training, we kept in close contact. We spoke regularly about racing, about life and politics.”

Though an astute handicapper, Cohen kept it small–like his own father. “A big bet for him would be $20. He just loved analyzing races,” said Vienna. “I'll miss having access to his wisdom and his kindness. He was an exceptional listener–he was always paying attention. He was just a unique, extraordinary person. He's a big loss to horse racing but an even bigger loss to anyone who knew him.”

Cohen is survived by his wife, Bobbie; as well as his children Tim, Mark, and Linda; and two grandsons.

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No Foldin’ For Cohen As He Lands 850,000 Gambler At Tattersalls

Tim Cohen did not come halfway around the world to walk away from the Tattersalls table when the stakes get higher and the American-based agent did not blink in securing I'm A Gambler for 850,000gns on behalf of Red Baron's Barn and Rancho Temescal on day two of the Autumn Horses In Training Sale. 

I'm A Gambler (Ire) (No Nay Never), a typical Charlie and Mark Johnston-trained runner who has gone from strength to strength this season and was last seen winning a Listed event at Redcar, will continue his career in California.

Cohen said, “It's hard to find a solid three-year-old and he's obviously one of the highest-rated in the sale. Physically, he's beautiful. Certainly didn't want to go that far but also didn't want to come all this way and not use something worthwhile.”

“There are a few three-year-old stakes races left in California this year, but he has had quite a few races, so we will finish the year and then he can have a little break.”

Asked how high he thinks I'm A Gambler can go in America, Cohen joked, “He better go pretty high! He is a quality individual, has already proven that, so if we can maintain that and can enhance that, it will be even better. He does not have much left to prove to me.”

Charlie Johnson watched the sale on the rope and revealed that selling the nine-time winner made good sense financially for the Kingsley Park team and owners John Brown and Megan Dennis.

He said, “It was quite some theatre because bidders that seemed to drop out of the running suddenly came back for more. It just showed what high demand he was in. He's a phenomenal physical, a beautiful horse, and he's had no issues all the way through his career. He's been an easy horse to train as he's very sound and very tough and he's really taken off in the last four or five months. It's a phenomenal result.”

Johnson added, “Watching trade I thought he was going to make 400,000gns or maybe 500,000gns on a good day, so the end result is quite fantastic. Normally, you wouldn't sell good horses like that but the reality is, I spoke to John a few weeks ago and his dream campaign for next year would involve winning the Lennox S. 

“The horse has just earned five, six or maybe even seven times the prize-money of that race for selling here. It leaves a huge hole in our yard to sell a 110-rated horse but economically it was a logical decision for the owner.”

 

The Johnson team have sold a total of 27 horses at the sale thus far for 1,270,500gns while Red Baron's Barn and Rancho Temescal pushed spending to 1,215,000gns after buying Bellstreet Bridie (GB) (Sir Percy {GB}) for 260,000gns and Maltese Falcon (Ire) (Caravaggio ) on Monday.

Figures were up again on Tuesday. Trade reached 12,373,000gns on the day which represents a 10% rise on last year. The median was also up 22% to 25,000gns while the average rose 15% to 50,709gns. 

The clearance rate was 93%, the same as in 2021, while the total spend for Monday and Tuesday together is 20,939,100gns. 

'Very Ambitious' Wathnan Racing Flexes Buying Power

Wathnan Racing, one of the newest racing ventures in Qatar that is headed by Alban Elie De Mieulle, the multiple champion trainer in that jurisdiction, once again flexed its buying power when snapping up Persian Royal (GB) and Inverness (Ire), two of the most expensive horses sold on Tuesday.

That helped elevate Wathnan Racing's spending to 1,750,000gns across the two days. It was Roger and Harry Charlton's Persian Royal, a four-time winner by Al Kazeem (GB), who boasts a rating of 90 that made 450,000gns while Inverness (Highland Reel {Ire}) was sold for 380,000gns. 

Wathnan Racing, for which Olly Tait has been buying on behalf of, acquired nine horses from the sale and were also in the running for the top lot I'm A Gambler for much of the bidding. 

“Wathnan Racing is a new stable that has started up in Qatar,” Tait said after buying Persian Royal. “We want to have enough horses so that the stable can be successful.”

He added, “His form was excellent and he looks progressive. Not only is he progressive but he's super consistent. He's a nice horse for this season and hopefully many more seasons to come.”

Persian Royal raced in the familiar silks of John Deer, who also owned the sire Al Kazeem, a four-time Group 1 winner for Roger Charlton. 

The Qatar Derby was identified as the likely target for Inverness, the second highest-rated son of Highland Reel with a mark of 94, who held on to top-lot status for much of the day.

Tait said of that dual winner, “He has very consistent, progressive form, and he will go on firm ground. He is a horse who could hopefully be competitive in the Qatar Derby. 

“He is that level of horse. He wasn't inexpensive but that is what you have to pay for a horse of that quality. He is very willing and his form stands up very well.”

He added, “There is a big programme of racing in Qatar and Wathnan Racing is very ambitious, looking for horses who can win races at different levels. In time, a broader Middle Eastern campaign for the horses could be on the radar.”

Havana Grey's Best Boy Off To Qatar

Eddie's Boy (GB), the highest-rated son of crack first-season sire Havana Grey (GB), will continue his career in Qatar after selling online to Will Douglass of Charlie Gordon Watson Bloodstock and Al Wasmiyah Stud for 320,000gns.

A teak-tough two-year-old, Eddie's Boy has won three of his 10 starts this term, and is set to be kept on the go a little longer with December targets in Qatar pencilled into his diary by the new connections. 

The Middleham Park-owned and Archie Watson-trained colt enjoyed his greatest day on a racecourse so far when landing a Group 3 at Chantilly last month and has amassed over £210,000 in prize-money. 

Douglass said, “He is an absolutely cracking-looking horse and has danced every dance this year. He vetted brilliantly–you can't knock what he has done. He is well-made, strong and solid, and is going to do well in Qatar. I think he has the best two-year-old form in the catalogue.

“He will first aim for the Al Rayyan S., which is run in mid-December, and then for the Al Biddah Mile in early February. We have managed to buy the winner of that for the last seven years so there is no pressure!”

The agent added, “Plans are a bit up in the air at the moment, but we have found that it works better to leave the horses here for the December race and run them off the plane, then leave them in Qatar for the later race.”

That would suggest that Eddie's Boy will stay in training with Watson for that December target in Qatar. 

Middleham's Tim Palin said, “A 45,000gns buy at Tattersalls to selling today, there is a certain synergy there, we have sold really well and it is just a privilege to be dining at the top table and selling at the top table.

“Horses such as him and The Platinum Queen (Ire) (Cotai Glory {GB}) show that even for the cheaper sort of horse, if you club together and share the expense, you can achieve and get to the best places. He has been a fantastic success story under Archie's tutelage.”

On Breeders' Cup bound The Platinum Queen, who was a 57,000gns Tattersalls Guineas Breeze-Up purchase, he added, “She travels to America on Saturday for her Breeders' Cup assignment. We are looking forward to a fantastic race. She is favourite, we could do with a good draw, it is not imperative but important. 

“Hollie Doyle is booked. Let's hope we can go over and serve it up to the Americans in their own back yard. We will have around 20 members heading over.”

High Definition To Embark On Hurdles Career

He was once talked about as a leading Derby contender at Ballydoyle but now High Definition (Ire) will have major targets over jumps to aim for after Coolmore sold the 2020 G2 Beresford S. winner to join Joseph O'Brien for 350,000gns. 

 

High Definition won twice for Aidan O'Brien but showed snippets of top-class form, including when second in this season's G1 Tattersalls Gold Cup at the Curragh, and Mark McStay secured the Galileo (Ire) colt for an existing client at Owning Hill. 

Celestial Halo (Ire), Supasundae (GB) and Windsor Park (Ire) rank among Galileo's best sons to have gone down the National Hunt route and McStay confirmed that he secured the 117-rated Flat performer for that sphere. 

“He is for an existing international client and he goes to Joseph O'Brien to go jumping,” McStay said afterwards. 

Another Coolmore-consigned wildcard, the Group 3-winning Aikhal (Ire) (Galileo {Ire}), sold to South Africa's leading bloodstock agency Form Bloodstock for 150,000gns. 

McStay's Avenue Bloodstock also signed for Aidan O'Brien's 107-rated dual winner Glounthaune (Ire), part-owned by the late Evie Stockwell, for 135,000gns. Bjorn Baker Racing and Clarke Bloodstock were also down as buyers for the Kodiac (GB) colt.

Despite having a number of withdrawals, Coolmore have sold 14 horses for over 1.5 million across the opening two days of the sale, highlighted by Monday's 410,000 sale-topper Waterville. 

King's First Winner Sold As Australian Interest Amplifies

A number of The King's high profile runners, including Just Fine (Ire) (Sea The Stars {Ire}), who provided him with his first winner as an owner at Leicester earlier this month, sold strongly. 

The 99-rated Just Fine, trained by Sir Michael Stoute to win three races, changed hands for 300,000gns to Johnny McKeever on behalf of Gai Waterhouse and Adrian Bott.

McKeever said, “It has been a while since I have bought one from the Royal Studs. Gai Waterhouse trained for the late Queen and will be thrilled to be getting a horse that she owned.

Sea The Stars is one of my all-time favourite racehorses and sires. I rate him up there with all the great ones and, except for Frankel, is one of the best staying stallions in the world.”

He added, “We are looking for good quality horses and Sir Michael recommended him very strongly. I don't know if there have been many by Sea The Stars in Australia, but this horse's level of form is pretty good, and he has the right profile. We have tried on a few others-we were underbidders on Chairman and this morning on Inverness.”

Fellow Stoute-trained Royal runners Theme Park and Naval College sold similarly well. Theme Park (GB) (Lope De Vega {Ire}) was knocked down to Jamie Piggott and Nigel Tinkler for 200,000gns while Sackville Donald bought Naval College (GB) (Dartmouth {GB}) for 185,000. 

Chairman (Fr) (Almanzor {Fr}) proved one of the highlights on Monday when selling from Freddie and Martin Meade to Ciaron Maher and David Eustace for 400,000gns and the Australian trainers were back for more on Tuesday. 

Will Bourne, the bloodstock executive for the powerful training partnership, struck for Ruling (Ger) (Camelot {GB}), fourth behind Monday's session-topper Waterville (Ire) (Camelot {GB}) in the Irish Cesarewitch last month, for 300,000gns. 

 “He is a nice athletic horse and will go to Ciaron's Sydney operation,” Bourne said. “He is a genuine stayer. He has had a break but has come back well and he has the perfect profile for the Sydney Autumn Carnival.

“The carnival can really accommodate a horse like him and there is a lot of prize-money on offer. We are looking for five or six horses in total this week but it is a very buoyant market and they are hard to buy.”

The strength of the trade took its toll on many, but not Ronald Rauscher, who described himself as pleasantly surprised about being able to pick up the 106-rated Earl Of Tyrone (Ire) (Australia {GB}) for 300,000 on behalf of Australian Bloodstock.

Earl Of Tyrone has improved 29lbs since joining Paddy Twomey this season and Rauscher said he is hopeful that there can be more to come.

He said, “The objective is staying races in Australia. I know where he has come from and who trains him very well-he was obvious for us. I thought there might be a bit more action on him, so I am not unhappy where we landed. He is a very nice horse, very correct, very well looked after.”

Rockingham Runner-Up Captures Imagination

The Rockingham S. runner-up Kyeema (GB) (Siyouni {Fr}) captured the imagination with Chinese owner YP Cheng going to 360,000gns for the William Haggas-trained gelding. 

Kyeema was purchased under the name of Domeland and, while a trainer has yet to be decided upon, Roy Cheng revealed the 102-rated sprinter would head to Australia. 

He said, “My boss really liked this horse. He will be heading to Sydney. We are not sure about a trainer yet.”

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Dr. Schivel Overcomes Adversity and Runs Them Off Their Feet

Broken right rein, no problem for Flavien Prat.

Dr. Schivel (Violence), already guaranteed a spot in the starting for the GI Breeders' Cup Sprint via a win in the GI Bing Crosby S. July 31, added a second straight 'Win and You're In' tally over his elders in Saturday's GII Santa Anita Sprint Championship S.

Drawn on the fence while facing five rivals, last term's GI Runhappy Del Mar Futurity S. winner showed much more speed than usual, forcing the issue from an inside–and tight second–in the early stages and had to tap on the brakes slightly at the five-eighths marker when Prat's right rein came undone from the strap.

Undeterred, the 9-5 favorite took charge through an opening quarter in :21.87, began to edge away approaching the quarter pole, and, with Prat, essentially riding with one rein and giving his charge right- and left-handed reminders, had five lengths in the stretch before being geared down late in an ultra-impressive performance.

“I had just the left rein after we left the chute at around the five and half mark,” said Prat. “It was kind of scary. This has never happened to me before. The horse was very proficient. Everything was normal otherwise. I let the other jock [Abel Cedillo, aboard Vertical Threat] know that I only had one rein and to stay out of the way. Everything worked out great and we got home safely.”

A maiden winner at third asking for former trainer Luis Mendez and for his co-breeders William A. Branch and Arnold R. Hill,

Red Baron's Barn, Rancho Temescal and William Dean Reeves joined the ownership group ahead of his score in Del Mar Futurity and was given the balance of the year off.

Programmed for a late-season sophomore campaign under the tutelage of Mark Glatt, he returned to action with a tough neck victory in a six-furlong Santa Anita allowance June 18 prior to his Bing Crosby score.

Pedigree Notes:

With his Futurity victory late last summer, Dr. Schivel became the third of three Grade I winners in 2020 for his sire, joining 'TDN Rising Star' No Parole and Volatile. One of 32 stakes winners (12 graded) for Violence, he is the only black-type winner from a daughter of former Jeff Bonde trainee Mining for Money (Mining), a half-brother to MGSW Intrusion (Top Command), who was a maiden winner and stakes placed in two trips to the post. A half-sister to GI Clement L. Hirsch S. winner Ultra Blend (Richly Blended), Lil Nugget is the dam of the 2-year-old colt Barsini Red (Midshipman), did not produce a foal in 2020 or this year and was most recently bred to Anthony's Cross.

Saturday, Santa Anita
SANTA ANITA SPRINT CHAMPIONSHIP S.-GII, $200,500, Santa Anita, 10-2, 3yo/up, 6f, 1:09.44, ft.
1–DR. SCHIVEL, 122, c, 3, by Violence
                1st Dam: Lil Nugget, by Mining for Money
                2nd Dam: Ankha, by Desert Classic
                3rd Dam: Distant Runner, by Distant Day
($37,000 RNA Ylg '19 KEEJAN). O-Red Baron's Barn LLC,
Rancho Temescal LLC, Reeves Thoroughbred Racing & William
Branch; B-William A. Branch & Arnold R. Hill (KY); T-Mark
Glatt; J-Flavien Prat. $120,000. Lifetime Record: MGISW, 7-5-1-1,
$536,000. Werk Nick Rating: A. Click for the
eNicks report & 5-cross pedigree.
2–Flagstaff, 126, g, 7, Speightstown–Indyan Giving, by A.P. Indy.
($475,000 Ylg '15 FTSAUG). O-Lane's End Racing & Hronis
Racing LLC; B-Summer Wind Farm (KY); T-John W. Sadler.
$40,000.
3–C Z Rocket, 124, g, 7, City Zip–Successful Sarah, by Successful
Appeal. ($800,000 2yo '16 OBSOPN). O-Altamira Racing Stable,
Madaket Stables LLC, Gary Barber & Tom Kagele; B-Farm III
Enterprises (FL); T-Peter Miller. $24,000.
Margins: 3 1/4, NO, 7. Odds: 1.80, 3.80, 2.40.
Also Ran: Colt Fiction, Collusion Illusion, Vertical Threat.
Click for the Equibase.com chart, the TJCIS.com PPs or the free Equineline.com catalogue-style pedigree. VIDEO, sponsored by TVG.

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