06/24/2004 11:00PM

Smarty to stand at Three Chimneys

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LEXINGTON, Ky. - In a deal that bloodstock industry insiders say puts Smarty Jones's total stallion value at about $48 million, the Kentucky Derby and Preakness Stakes winner will stand at Three Chimneys Farm in Kentucky upon his retirement from racing.

The colt's owners, Roy and Pat Chapman, have privately sold the Midway, Ky., farm a half-interest in the colt. Three Chimneys will syndicate their half.

There was no immediate word on when that retirement would be. Three Chimneys issued a release announcing the stud deal but said only that "the agreement calls for the Chapmans to make all racing decisions regarding Smarty Jones's schedule, and they will decide when he retires."

Under the agreement, Smarty Jones's book size will be limited to 110 mares, and he will not shuttle-fulfilling stipulations the Chapmans had set in negotiations with farms.

A $48 million total valuation would not be a record, but it would make Smarty Jones the second most expensive stallion prospect syndicated. In 2000, global stallion conglomerate Coolmore Stud said its deal to buy that year's Derby winner, Fusaichi Pegasus, put the colt's total value between $60 million and $70 million, establishing a new mark.

Smarty Jones's stud value vaults him past other major syndication values. Shareef Dancer was valued at $40 million in 1983. In 1996, Epsom Derby winner Lammtarra was sold to Japanese interests for $38.4 million, and Conquistador Cielo's 1982 syndication put his value at $36.4 million.