Victorian property Yallambee Stud has been purchased by Spendthrift Farm owner B Wayne Hughes.
The Romsey operation will now be known as Spendthrift Australia and the venture will include breeding, racing, stallions, and buying & selling in the local sales market.
Spendthrift has ramped up its Australian involvement in recent years and spent $550,000 on a Northern Meteor colt and More Than Ready filly during the opening session of the Inglis Easter yearling sale on Tuesday.
It also purchased a Sepoy – Sister Madly colt for $1.20 million at the Gold Coast Magic Millions in January.
“Joining the Australian thoroughbred community, with its great horsemen and long-standing traditions, is one of the most exciting things we’ve ever done and it’s something we’ve aspired to do for a long time,” said Hughes.
“Spendthrift has always taken a real partnership approach with our breeders in the United States and will look to do the same thing in Australia.”
Spendthrift Farm has appointed Garry Cuddy to head Spendthrift Australia. “This is a very exciting opportunity for me and our programs will be great for the Australian industry,” said Cuddy. “We have plans to stand stallions in 2015 and will announce our roster in the near future.
“We are delighted to announce that Rick and Christie Woodard have agreed to stay on and manage the farm. They bring a wealth of knowledge and many years of experience with them, which is great for Spendthrift.”
Hughes, 81, founded Public Storage in 1972 and parlayed a $50,000 investment into a fortune estimated at $1.95 billion. He purchased Spendthrift in 2004 and has returned the historic stud to it glory years when it was home to Triple Crown winners Seattle Slew and Affirmed.
Champion sire Malibu Moon (A P Indy) heads Spendthrift Farm’s Kentucky roster of 19 stallions. There are also regional farms with stallions based in Canada, Louisiana, Maryland and New York.