The Sanan family's Padua Stables has sold its Kentucky farm on Old Frankfort Pike near Lexington, Satish Sanan told the Paulick Report. The Borges Torrealba family of Brazil, who recently invested in Robert and Blythe Clay's Three Chimneys Farm, which managed the Padua property for the Sanan family, is the new owner.
“Robert called a while back to say (Torrealba) is interested, and he made a good offer,” said Sanan. “There have been financial pressures and we are backing out of the business a little bit. I have learned that owning farms is really unnecessary.”
The price was $9 mllion, which included the purchase of some farm equipment. Sanan bought the approximately 275 acres in 2008 for $4,230,399.50 and subsequently made extensive renovations. The price averages out to about $32,000 per acre for the $8.8 million land sale. All 275 acres are protected from development by conservation easements through the Purchase of Development Rights program.
The property, previously known as the historic Bluegrass Heights farm, was purchased in 2008 by Sanan and his wife, Anne, to house Padua Stables' growing equine operations. The farm adjoins Three Chimneys' Old Bradley Place division. Sanan added new broodmare, foaling, and yearling barns with approximately 34 stalls each. He also renovated the main residence and office.
Sanan said he has been in the process of selling some of his bloodstock holdings. “We are selling the ones that don't make sense,” he said, “and being selective with what we keep.”
Sanan also owns a showplace farm in Central Florida that has been on the market since he purchased the Kentucky property. “We bought this (Kentucky) farm because we thought we sold the Florida property,” he said. He has tried unsuccessfully to sell that farm, including putting it up for auction.
Goncalo Torrealba operates Stud TNT in Brazil. In addition to investing in Three Chimneys, the family has been very active in recent bloodstock purchases.
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