NEWS
Madoff fallout continues to affect racing
Posted: Wednesday, February 11, 2009 12:35 PM
by Paul Post
Jeffrey Tucker may have to sell his Stonebridge Farm training facility in Saratoga Springs, New York, to help raise money after his Fairfield Greenwich Group lost more than $7-billion as part of Bernard Madoff’s alleged Ponzi scheme.
Tucker has invested eight figures into Stonebridge, including installing New York’s first-ever synthetic surface training track. The 188-acre facility includes a seven-furlong Polytrack, new barns, an indoor arena, and a 230-acre satellite farm. The facilities are all within 15 miles from Saratoga Race Course.
“This is a state-of-the-art facility,” said William Parker of Select Sotheby’s International Realty in Saratoga Springs. “It’s a very sought-after property. It would be very interesting to a lot of individuals and entities.”
Parker said that he and his partner, John Burke, have had discussions with Tucker about the farm’s possible sale.
“It’s currently not for sale, but that’s what we’re talking to him about,” Burke said.
“Jeff’s in a tough spot,” Parker said. “We’re waiting for Mr. Tucker to figure out what’s best for him.”
Contacted at his New York office, Tucker referred all calls to a spokesman, Mark Kasowitz.
“If he [Tucker] has sold some horses recently it’s in the ordinary course of his business,” Kasowitz said.
In addition to the farm, Tucker was chairman of Empire Racing Associates, one of three groups that challenged New York Racing Association for the right to run Saratoga, Belmont Park and Aqueduct.
Tucker has also been a major advocate for retired racehorse programs. Stonebridge has hosted numerous summertime galas during racing season, featuring the likes of Liza Minnelli, Willie Nelson and The Pointer Sisters. This year’s $350-per-plate dinner to benefit Equine Advocates included an appearance by singer Gladys Knight.
Paul Post is a New York correspondent of THOROUGHBRED TIMES
