10/20/2010 4:17PM

Stonewall Farm back on market, $10.75M asked

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LEXINGTON, Ky. - Stonewall Farm near Midway, Ky., is back on the market with a $10.75 million asking price, according to the Cincinnati financial corporation that has taken it over from former owner Audrey Haisfield.

In July, Cincinnati Capital Corporation and its assignee, , received a $16 million judgment against several Haisfield- and Stonewall-related entities in a Pennsylvania lawsuit over unpaid loans. But the financial corporation's ability to collect the debt ground to a halt when several of the entities filed bankruptcy. Now, the Haisfields have signed over the 263-acre farm's title to Cincinnati Capital and, according to that company's chief executive Joe Englehart, the property already is attracting interest.

"We've had a number of people come forward as the rumor mill has been churning," Englehart said. "The farm's priced right, and I expect it to get a lot of action."
Englehart declined to say how many inquiries Cincinnati Capital has had about the Stonewall property but added, "The folks that have expressed interest so far are in the Thoroughbred industry and are not from the Lexington area."

Cincinnati Capital's portion of Stonewall is located on the Midway Road and is contiguous to Lane's End Farm. It includes the 5,600-square-foot main residence. A separate tract covering about 112 acres on Aiken Road is not part of the Cincinnati Capital listing; Justice Real Estate has listed that property, a former Stonewall broodmare division, for $3.8 million.

In Florida bankruptcy filings last month, Haisfield indicated she had intended to put the farm on the market herself for $8.4 million. A June 2009 appraisal on behalf of the Harleysville National Bank estimated the farm's value at $8.9 million, but Englehart said the most recent appraisal on the Midway Road property valued it at $13.8 million. Cincinnati Capital and Stonewall Acquisition are successors to Harleysville National Bank in the lawsuit that resulted in the $16 million judgment. In a statement, Englehart said the equine facilities on offer "are some of the most unique and discriminating in the world" and added, "We expect the farm will sell for less than the cost just to duplicate the distinctive barns and structures."

Harleysville National Bank was one of three lenders that have sued Stonewall and its various related entities. Fifth Third Bank sued the operation for about $14 million, and many of the Stonewall mares and young stock are in receivership as part of an agreement between Haisfield and that bank. JPMorgan Chase also sued Stonewall this year for about $7 million. All of the suits related to alleged non-payment of loans.

Ocala preferred session posts gains

The Ocala Breeders' Sales Company's fall mixed sale enjoyed double-digit gains at its opening consignor-preferred session on Tuesday, but prices returned to earth at Wednesday's open session in Ocala, Fla.

By 2 p.m., the open session's highest price was $23,000. Classic Oaks Farm paid that for a weanling filly by leading freshman sire Congrats out of Just Gold that was consigned by Silver Oaks Farm. Just Gold is a winner by Strike the Gold. She's the dam of the winners Music for the Soul and Why Mike.

On Tuesday, the Storm Cat mare Zehoorr brought $250,000 at the consignor-preferred session as the likely sale-topper. The 5-year-old mare sold to Rustlewood Farm and was in foal to Tiznow. Zehoorr is out of Grade 1 winner Nany's Sweep, by End Sweep, and is a half-sister to Grade 3 winner She's Indy Money. She had been part of the Westbury Stables dispersal handled by Barbara and Francis Vanlangendonck's Summerfield agency.
The Westbury consignment proved popular Tuesday and contributed to the opening session's impressive gains.

The session sold a total of 163 horses for a total of $2,572,600 as compared to a 2009 opening-day gross of $1,467,900 for 132 horses. Buoyed by the Westbury dispersal, the average price jumped 42 percent, from $11,120 last year to $15,783 this season, and the median price climbed 25 percent, from $6,000 in 2009 to $7,500. Buy-backs decreased from last year's figure of 40 percent to 36 percent in 2010.

In addition to Zehoorr, the Westbury dispersal also produced Hip No. 137, the Real Quiet mare Chasenthebluesaway, who brought $100,000 from Baccari Bloodstock in foal to Indian Charlie; Hip No. 230, the Forest Camp mare New York City Girl, who fetched a $90,000 bid from Rustlewood Farm in foal to More Than Ready; and Hip No. 114, the You and I mare Sailor Pluto, who sold to David Ingordo for $85,000 in foal to Zensational.
The Summerfield agency also consigned Tuesday's top-priced weanling, a $70,000 Cowtown Cat colt out of Did She Tell, by West by West. Windridge Farm was the buyer. The chestnut colt is a half-brother to 2010 stakes-winner Thank U Philippe, by Proud Accolade.

* Part 1 of Arqana's Deauville October yearling sale ended Tuesday with a $417,000 sale-topper and increases in gross, average, and median. MAB Agency purchased the session-topper, an Oasis Dream-Rose Melody colt, for Anthony Forde and Ahmed Mouknass. Ecurie des Monceaux was the consignor.

The second of four sessions sold 103 yearlings for about $5,444,630, a gain of 10 percent from last season's total for 129 horses. The average price, about $52,860, rose 41 percent, and the $38,920 median was up by 56 percent.