Valuing Curlin
From a November 3, 2007 Courier-Journal article by Greg Hall assessing Curlin’s potential value:
“If I had to guess, an educated guess, I would think somewhere between $60 and $70 million,” [Rick Porter, owner of Hard Spun] said. “All I know is what some of his competitors sold for, and he sort of towered over all of them when it was all said and done.”
Louisville native Jack Wolf, a partner who sold 2004 Kentucky Oaks and Breeders’ Cup Distaff winner Ashado for $9 million at auction, said he guessed Curlin could be worth $45 million.
Ric Waldman, an adviser to Overbrook Farm where Storm Cat stands, declined to give a figure, saying he had done some work for Jackson.
But “it would be extremely large numbers when you take into account that there is a racing future for the horse,” he said.
The same Ric Waldman, hired as an expert witness by the court-appointed receiver overseeing the 20% interest in Curlin not owned by Jess Jackson, testified in court today that,
he initially valued the horse in August at $30 million [for the receiver or another party?], but because of thoroughbred market downturns and the economy, he reduced that to $20 million.
Quite a difference a year makes. Jackson “agreed with Waldman’s assessment by bidding $4 million” for the remaining interest in the reigning Horse of the Year. Sounds like a bargain, especially for a stallion who is expected to stand for $75,000 to start.
Update: Matt Hegarty has more on the cross-examination of Waldman, in which he stuck to his figures, but did question the possible $75K stud fee given current market conditions.
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