In no hurry to sell, Adena Springs horse farm owner asking $80 million

Adena Springs, a sprawling horse farm in Bourbon County outside of Paris, is up for sale. The 2,250 acre farm is owned by Frank Stronach, who announced the sale Wednesday in a news release.

Stronach, an Austrian and Canadian businessman, is worth more than $1.4 billion, according to Forbes. His other interests include Magna International, an auto parts company based in Canada, and The Stronach Group, which operates numerous horse racetracks and casinos.

Stronach said he is exploring the possibility of having racehorse breeding farms in California and Maryland in support of his racetracks and is reducing the number of mares he owns in Kentucky. He also owns a 550-acre farm in Midway and plans to move some of Adena Springs’ mares to that farm.

“It’s a great racing state,” he said.

Stronach bought Adena Springs in 2005, and it boasts state-of-the-art technology for Thoroughbreds, according the farm’s website. Bourbon County property records indicate that the property was bought for about $5.5 million at the time.

He intends to sell the farm for $80 million, he said.

Bourbon County property records indicate that the farm is assessed at more than $20 million, more than the world-famous Claiborne Farm, which is assessed at $15 million.

Adena Springs employs about 50 people. Stronach said he plans to offer some jobs to current employees, and other employees might be hired by the new owner when the farm is sold.

Adena Springs is home to more than 200 horses, including Mucho Macho Man, a stallion who retired in 2014 after winning the 2013 Breeders’ Cup Classic, and Awesome Again, who won the 1998 Breeders’ Cup Classic. Another star, Ghostzapper, won the Breeders’ Cup Classic in 2004.

The new farm owner could also buy some of the stallions.

“I’m flexible,” he said.

The stallions will continue to stay on the farm next year.

Stronach said he’s in no rush to sell, and if the farm fails to sell, it’s OK.

“It’s not a fire sale,” he said.

The property includes a two-story office building and and an employee village with more than 20 homes and a recreational complex.

Ray Paulick, publisher of the Paulick Report, a Thoroughbred racing website, said sales of prominent horse farms like Adena Springs have happened before. Calumet Farm sold for more than $36 million in 2012.

“It’s not unusual,” he said. “It’s a limited number of people interested, I would think. … It’s a business with a lot of big spenders.”

The farm is beautiful, but it might not be in the best location compared with other horse farms, Paulick said.

“It’s not a fast location to get to from the (Blue Grass Airport) or downtown Lexington. It’s a bit of a drive out there.”

This story was originally published October 4, 2017 at 7:11 PM with the headline "In no hurry to sell, Adena Springs horse farm owner asking $80 million."