Report: Gates Buys Rancho Paseana for $18M
By Blood-Horse Staff
October 8, 2014 7:49 PM
16 Comments
West Region
Report: Gates Buys Rancho Paseana for $18M Photo: AP Photo
Bill Gates
Bill Gates has purchased Rancho Paseana from weight-loss guru and horse owner Jenny Craig for $18 million, according to a published report.
Gates plans to turn Rancho Paseana into a grand prix circuit venue for hunters and jumpers, online publication utsandiego.com reported Oct. 9. Gates has a teenage daughter who jumps horses competitively.
The deal on the 228-acre Thoroughbred farm about 20 minutes north of San Diego closed in mid-September, the Wall Street Journal first reported, citing public records. The property, used in recent years for training and as a lay-up facility, includes a six-furlong training track, a guesthouse and office, an olive orchard, five barns, and a veterinarian's suite.
The newspaper quoted a spokesman for Gates as saying the Microsoft co-founder wanted the property because the Gates family "has enjoyed visiting the San Diego area with friends and family for many years."
The property has been on the market for several years, initially priced at about $30 million. It had recently been listed for nearly $25 million, but was later withdrawn.
Rancho Paseana was closed in 2013 and there are currently no horses there, a spokesman said.
Craig, who had resisted offers to sell Rancho Paseana for development, told utsandiego.com: "I was happy that the buyer is someone who can afford to turn it into the showplace it was meant to be. It will be kept as a horse farm so the neighbors will be thrilled
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