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GJ Stables/steeplechase 35 acres
Horse breeding/thoroughbred 86 acres
Woods and roads 1,022 acres
In the early 1980's, petitioner began taking over the farm
operations from his father, who died in 1985. Petitioner, who
grew up around horses and followed the horse breeding industry,
has acquired knowledge about horse activities, including
thoroughbred breeding.
From the early to mid-1980's, the thoroughbred industry was
healthy, growing, and considered to be a good investment among
professionals in that field. Given the robustness of the
thoroughbred industry, petitioner thought that operating a
thoroughbred breeding business at Bendabout could be very
lucrative. Under the management of petitioner's father,
Bendabout had been used to range cattle. Petitioner, however,
believed that the pastures, barns, and other physical facilities
at Bendabout could be used most efficiently for thoroughbred
breeding and boarding operations, and that using the farm's
facilities primarily for such operations would be more profitable
than the cattle operations.
It takes a number of years to build a viable horse breeding
operation. The parties agree that the minimum startup period in
the thoroughbred breeding business is 7 years. It takes at least
2 years from the time of purchasing a mare to realize any income
from the investment, because there is an 11-month gestation
period, and it takes another year to raise the foal to a
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Last modified: May 25, 2011