01/28/2011 1:23PM

Magic Millions now has sole owner


A prominent Australian entrepreneur and Thoroughbred breeder has purchased one of Australia’s two major Thoroughbred auction houses, the Magic Millions company.

Gerry Harvey, billionaire founder of the Harvey Norman furniture and home electronics chain store, and his family previously owned a 50-percent stake in the company but upped that to 100 percent after buying the shares previously owned by John Singleton and Rob Ferguson. Harvey announced the purchase but declined to reveal the price.

Singleton also sold his interest in Vinery’s Australian operation, according to Australia’s Herald-Sun newspaper. Harvey also is a partner in Vinery, which stands popular shuttle sire More Than Ready, among others.

Singleton still owns shares in some Vinery sires, including More Than Ready and Big Brown.

In a related development, the company’s managing director, Stephen Silk, has resigned after the ownership change. David Chester will serve as interim managing director.

Magic Millions, based on Australia’s Gold Coast, has an annual turnover of more than $100 million.