J.P. King to auction legendary horse farm.Calumet Farm Calumet Farm is a 762 acre (3.1 km²) Thoroughbred breeding and training farm established in 1924 in Lexington, Kentucky, United States by William Monroe Wright, founding owner of the Calumet Baking Powder Company. , the legendary showplace for thoroughbred breeding and racing, will be sold at Absolute Auction to the highest bidder HIGHEST BIDDER, contracts. He who, at an auction, offers the greatest price for the property sold. 2. The highest bidder is entitled to have the article sold at his bid, provided there has been no unfairness on his part. regardless of price, Thursday, March 26 at 11:00 a.m. on the farm's picturesque grounds by J.P. King Auction Company and Swinebroad-Denton, Inc. The farm, founded more than half a century ago by Warren Wright Sr., is home to eight winners of the Kentucky Derby, six Horse of the Year selections, and has won more than 500 stakes races. Whirlaway, Citation, Alydar, and Criminal Type are just a few of the thoroughbreds raised and trained at Calumet Calumet, region, United States Calumet (kăl`y  mĕt'), industrialized region of NW Ind. and NE Ill., along the south shore of Lake Michigan. . "The highest bidder for Calumet Farm will own the most prestigious, worldrenowned landmark in the 'Sport of Kings,'" said William Bone, vice president of J.P. King Auction Company in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . "61 years of fine tradition and excellence in American culture are being offered, along with the opportunity to carry these treasures into a new era." Judge Joseph Lee, a Federal bankruptcy judge in Lexington, fixed the time of the sale after several months of bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party . Calumet Farm declared bankruptcy in July 1991. It was known for having a profitable and debt-free operation throughout its existence. The court has ordered that the farm be sold to the highest bidder. A $500,000 cashier's check cashier's check n. a check issued by a bank on its own account for the amount paid to the bank by the purchaser with a named payee, and stating the name of the party purchasing the check (the remitter). must be filed in advance to bid. Calumet Farm is a highly developed, impeccably well-maintained operation with facilities for all facets of the thoroughbred racing industry. On its 843 acres, there are nine residences including a 14-room main residence, 15 barns with a total of 236 stalls, 14 special purpose buildings including a state-of-the-art equine veterinary/surgical center, 350,000-gallon water therapy complex, and employee recreation center. The farm also touts its own three-quarter mile training track and three-quarter mile turf course. Calumet is known worldwide for its beauty with lush Bluegrass bluegrass, any species of the large and widely distributed genus Poa, chiefly range and pasture grasses of economic importance in temperate and cool regions. In general, bluegrasses are perennial with fine-leaved foliage that is bluish green in some species. , freshly painted white fences, and manicured properties and landscape, accented by blooming Dogwoods. "We have received overwhelming interest internationally concerning the auction of Calumet," said Bone. "When auction day comes, we expect to have every major player in thoroughbred racing under the tent to place their bid. We also expect many who are not known for thoroughbred expertise but desire to own horse racing's undisputed empire to attend," he said. |
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