ONE of Kentucky’s most famous horse farms - and one with a strong Irish connection - has been placed on the market and is expected to attract European interest.

Castleton Farm in Lexington was owned by the late Dr Tony Ryan for almost 25 years. The property covers over 950 acres and has been valued at $57.5 million (€49.3 million). Expressions of interest are being taken now, ahead of an invitation-only auction at the Keeneland Championship Sale on Wednesday, October 28th - at Castleton.

Tony Ryan was an iconic figure in Irish business. From a humble background, he worked at Aer Lingus before making his fortune in aircraft leasing. He co-founded Ryanair in the 1980s, now one of Europe’s largest airlines.

Ryan purchased Castleton in 2001 for $14 million. The estate was established in 1793, making it almost as old as the United States itself. The Ryan family poured millions into developing the property, including the Greek Revival-style mansion, which dates back to around 1840.

Ryan’s son Shane has operated Castleton as a horse-breeding farm - Eclipse Award winner Gio Ponti is their most recent champion - but Shane has now decided to move to Europe and his children are not as interested in horses. “We have been the sixth stewards of this historic farm,” Shane said in a statement. “So there has to be a magnificent seventh out there.”

Irish link

Ken Donworth of Bluegrass Sotheby’s International Realty, who are handling the sale with Keeneland, acknowledged that the Irish connection to Castleton is significant.

“Tony Ryan’s Irish roots and the Ryanair link are helpful to us in promoting the property. Dr Ryan’s story - an Irish entrepreneur who builds a global airline, then restores one of America’s great horse farms - creates an immediate emotional bridge for Irish and UK audiences. It makes Castleton feel less like a distant US asset and more like an extension of a well-known Irish success story, especially with the Lyons Demesne connection and the Irish-style stone tower on the farm.”

Explaining the unusual decision to give the property both a private listing and a public auction date, Donworth said: “This was Shane’s idea and in collabration with Keeneland, who have been amazing to work with. Along with Bluegrass Sotheby’s and Sotheby’s International, who made all this possible, it truly has been a great collabration of great people.

“Pairing the two is intentional. It’s not unusual in the luxury world, but this is a new collaboration between Keeneland and Sotheby’s, two very well-respected companies in their respective fields.

“The private listing gives qualified buyers time to inspect and perform due diligence and understand the historic property. The auction creates a defined decision point and global spotlight, especially when tied to a major racing event such as the Breeders’ Cup and Keeneland Sales. Together, they widen the pool: some buyers move only in private; others respond to the competitive energy of an auction.”

The auction was timed to coincide with the Breeders’ Cup, which takes place in Keeneland later in the week.

“The Championship Sale sits in the heart of Breeders’ Cup week, when leading owners, breeders and investors from Europe and beyond are already in Lexington. Making Castleton the final lot in that sale ensures the property is presented when the maximum number of serious international horse people are physically in town and focused on high-end bloodstock and equine assets.”

Online bidding

For those who will not be in Kentucky that week, an online bidding facility is available. Bidders must first register and provide proof of funds in advance. They can bid through a secure online interface that mirrors the ring, with audio/video and a clerk confirming bids.

Remote bidders can also coordinate representation on the ground if they want inspections or legal/technical support. Keeneland already uses online bidding for international participants in bloodstock sales.

Asked how the guide price of $57.5 million was set, Donworth pointed to the sale of Shadwell’s nearby 1,100-acre farm in February for close to $50 million. He also mentioned Cobra Farm, next door to Castleton, which sold for in excess of $100,000 an acre.

“The Shadwell estate was created in 1984, so it is an unfair comparison,” he said. “Castleton was founded in 1792 and carries greater historical weight. It has more architectural features, and a unique international narrative. In valuation terms, the farm is somewhat priceless.”

Donworth reckons that the recent surge in Bluegrass farm values is down to a number of factors.

“There is a finite supply of large, contiguous acreage in the inner Bluegrass, and there is lifestyle and ‘trophy’ demand from high net worth buyers.

“The standardbred and thoroughbred businesses are very healthy in Kentucky, due to tax concessions and purse money being at an all-time high.

“International capital - Irish, European, and increasingly Middle Eastern - has become more visible in recent years, both in stallion deals and farm acquisitions. Castleton sits squarely in that cross current: it’s a working breeding platform and a trophy estate in one.

Castleton’s next owner is likely to invest in modernising the 16 barns and 268 stables. “The core infrastructure is substantial and functional,” Donworth said. “A serious breeding operation would typically budget for upgrades to ventilation, flooring and foaling facilities in key barns, plus modernisation of fencing, laneways and handling areas.”

Asked if the new owner will have flexibility in how they use the 951 acres or if they will be required to preserve the entire estate, Donworth said: “It’s not a condition of sale, but when you drive onto Castleton, you will be amazed with the character and history the place has. I can’t imagine anyone wanting to change the 230-year-old history of a great farm that has produced champions over the years.

“I cannot speak for Shane, but I know he loves the property and would love for someone to embrace its charm and character as he has over the years.”

Web: sothebysrealty.com

Email: kdonworth@bgsir.com

Tel: (Ken) 001 859 983 9933

Online bidding: keeneland.com