Spendthrift Farm
Spendthrift Farm is a historic Thoroughbred breeding, stallion-standing, racing, and equine burial operation in Lexington, Kentucky.
Last updated August 25, 2026
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Overview
Spendthrift Farm is a Thoroughbred horse breeding and racing enterprise based in Lexington, Kentucky. Founded in 1937 by Leslie Combs II, the farm takes its name from Spendthrift, an influential nineteenth-century stallion associated with Elmendorf Farm and part of the ancestry of Man o' War. The operation became one of the better-known institutions in the American Thoroughbred industry through its combination of commercial breeding, stallion management, racehorse ownership, and stewardship of historic bloodstock. The farm's principal business is breeding and standing Thoroughbred stallions. Its stallion program has included commercially important sires such as Seattle Slew, Into Mischief, Bolt d'Oro, Authentic, Goldencents, Omaha Beach, Vekoma, Mitole, Vino Rosso, and other prominent racehorses. Spendthrift's role is not limited to maintaining stallions: it also manages broodmares, raises young horses, participates in sales and breeding transactions, and maintains a smaller racing stable. The farm's racing interests have included Beholder, a multiple Eclipse Award winner; Lord Nelson, a three-time Grade I winner; Court Vision, winner of the Breeders' Cup Mile; and Tamara, a Grade I-winning daughter of Beholder and Bolt d'Oro. Spendthrift has also been associated with several major moments in American racing history. Majestic Prince was foaled at the farm in 1966 and later returned there after his racing career. Seattle Slew, winner of the 1977 Triple Crown, stood at Spendthrift from 1979 through 1987. The farm hosted a 1984 visit by Queen Elizabeth II, who viewed Seattle Slew and Affirmed as potential stallions for her Thoroughbred program. That same year, the Keeneland Association recognized Spendthrift with its Mark of Distinction for contributions to Keeneland and the broader Thoroughbred industry. The enterprise experienced serious financial and ownership changes during the late twentieth century. Spendthrift filed for bankruptcy in 1988, was acquired out of bankruptcy in 1989 by a group including Terry McBrayer, Curtis C. Green, Henry 'Cap' Hershey, and William du Pont III, and subsequently changed hands through a foreclosure sale and later private transactions. MetLife acquired the farm at a 1993 foreclosure auction and sold it to attorney Ted Taylor in 1994. Bruce Klein acquired the property in 2000, and B. Wayne Hughes, founder of Public Storage, purchased it in 2004. The farm is currently owned by Eric and Tammy Gustavson. In addition to its commercial and sporting functions, Spendthrift Farm is a burial site for notable Thoroughbreds. Horses buried there include Nashua, Never Bend, Prince John, Raise a Native, Gallant Man, Caro, Majestic Prince, and Valdez. This combination of active breeding operations and historical preservation gives the farm a distinctive position in the American racing landscape. In 2020, Spendthrift participated in an ownership group with MyRaceHorse Stable, Madaket Stables, and Starlight Racing, and the group was recognized as North America's leading owner by earnings after a highly successful season for Authentic.
History
Spendthrift Farm was established in Lexington, Kentucky, in 1937 by Leslie Combs II. Its name refers to Spendthrift, a notable stallion owned by Daniel Swigert of Elmendorf Farm, an ancestor of Combs. Spendthrift was also the great-grandfather of Man o' War, linking the farm's identity from its beginning to the foundational bloodlines of American Thoroughbred racing. The farm developed as both a breeding establishment and a place for producing and managing racehorses. One of its important early modern milestones came in 1966, when Majestic Prince was foaled there. Bred by Combs, Majestic Prince became a celebrated racehorse and later returned to Spendthrift, where he died in 1981. During the 1960s and 1970s, the property also became a burial site for significant Thoroughbreds, including Nashua, Never Bend, Prince John, Raise a Native, Gallant Man, Caro, and Valdez. Spendthrift's influence expanded through its stallion program. Seattle Slew, winner of the 1977 Triple Crown, was retired to stud at Spendthrift in 1979 and stood there until 1987. In 1984, Queen Elizabeth II visited the farm to see Seattle Slew and Affirmed as possible additions to her breeding program. The Keeneland Association honored Spendthrift that year with its Mark of Distinction, recognizing the farm's contribution to Keeneland and to the Thoroughbred industry. The business entered a difficult phase in the 1980s. Spendthrift went public in 1983, but filed for bankruptcy in 1988. In 1989, Terry McBrayer, Curtis C. Green, Henry 'Cap' Hershey, and William du Pont III acquired the farm out of bankruptcy. Ownership changed again when MetLife bought the property at a foreclosure auction in 1993 and sold it to attorney Ted Taylor in 1994. Bruce Klein acquired Spendthrift in 2000, followed by B. Wayne Hughes in 2004. The farm's corporate history also became part of United States constitutional law through Plaut v. Spendthrift Farm, Inc. The dispute arose from a securities-fraud lawsuit related to the farm's 1983 public offering. In 1995, the Supreme Court decided the case and issued a significant separation-of-powers ruling concerning Congress's ability to direct federal courts to reopen final judgments. In the twenty-first century, Spendthrift continued to operate primarily as a commercial breeding farm while retaining racing interests. Its notable runners have included Beholder, a four-time Eclipse Award winner; Lord Nelson, a three-time Grade I-winning sprinter; Court Vision, winner of the Breeders' Cup Mile; and Tamara, a Grade I-winning daughter of Beholder and Bolt d'Oro. In 2020, Spendthrift participated with MyRaceHorse Stable, Madaket Stables, and Starlight Racing in an ownership group that led North American earnings after Authentic's successful campaign. The farm is currently owned by Eric and Tammy Gustavson and remains both an active breeding operation and a site associated with the memory of historic American racehorses.
- 2020
Authentic ownership group leads North American earnings
[1]Spendthrift participates in an ownership group recognized as the leading North American owner by earnings after Authentic's successful season.
- 2004
B. Wayne Hughes purchases Spendthrift
[1]Public Storage founder B. Wayne Hughes acquires the historic farm.
- 1995
Supreme Court decision in Plaut v. Spendthrift Farm
[2]The United States Supreme Court issues a major separation-of-powers ruling in litigation associated with the farm.
- 1993
Foreclosure sale to MetLife
[1]MetLife acquires Spendthrift at a foreclosure auction.
- 1989
Acquisition out of bankruptcy
[1]A group including Terry McBrayer, Curtis C. Green, Henry 'Cap' Hershey, and William du Pont III acquires the farm.
- 1988
Bankruptcy filing
[1]Spendthrift files for bankruptcy amid financial difficulties.
- 1984
Queen Elizabeth II visits the farm
[1]Queen Elizabeth II visits to view Seattle Slew and Affirmed as possible stallions for her Thoroughbred operation.
- 1984
Keeneland presents its Mark of Distinction
[1]The Keeneland Association recognizes Spendthrift for its contribution to Keeneland and the Thoroughbred industry.
- 1983
Spendthrift becomes publicly traded
[1]The farm goes public, a transaction later connected with securities litigation.
- 1979
Seattle Slew enters stud at Spendthrift
[1]Triple Crown winner Seattle Slew is retired to stud at Spendthrift, where he stands through 1987.
Products and positioning
A heritage Kentucky Thoroughbred institution combining commercial stallion services with elite bloodstock, racehorse ownership, and preservation of American racing history.
Equine breeding
Stallion services
Spendthrift's central commercial offering is access to its Thoroughbred stallion roster for approved breeding programs. The roster has included major race winners and commercially influential sires, allowing breeders to pursue different combinations of racing performance, pedigree, and market demand.
Equine breeding
Mare and broodmare operations
The farm maintains breeding and foaling capabilities associated with broodmares, young horses, and the production of future racehorses. These activities support both Spendthrift's own bloodstock interests and its broader commercial breeding business.
Thoroughbred racing
Racing stable
Although breeding is the farm's primary business, Spendthrift also maintains racing interests. Its notable runners have included Beholder, Lord Nelson, Court Vision, and Tamara, reflecting the farm's role as both a producer and an owner of high-level racehorses.
Equine heritage
Equine burial grounds
Spendthrift's grounds include the graves of important Thoroughbreds, including Nashua, Never Bend, Prince John, Raise a Native, Gallant Man, Caro, Majestic Prince, and Valdez. The burial site gives the operating farm an additional memorial and historical function.
Brand decisions
2004
Acquisition by B. Wayne HughesM&ABackground
After ownership transfers involving MetLife, Ted Taylor, and Bruce Klein, the historic farm changed hands again.
Action taken
B. Wayne Hughes purchased Spendthrift Farm.
Aftermath
The farm continued operating as a major Kentucky breeding and racing institution.
1988
Bankruptcy filingOtherBackground
The farm encountered financial distress after its public-company period.
Action taken
Spendthrift filed for bankruptcy protection.
Aftermath
The property was acquired out of bankruptcy in 1989 and subsequently passed through several ownership changes.
1983
Public offering of stockStrategyBackground
Spendthrift pursued public financing during the 1980s, when the farm was operating as a prominent commercial Thoroughbred enterprise.
Action taken
The farm became publicly traded in 1983.
Aftermath
The offering later became associated with a securities-fraud lawsuit and the Supreme Court case Plaut v. Spendthrift Farm.
Recent events
- Unconfirmed
Spendthrift discontinues Australian operations[4]
Reported:
Spendthrift Farm is discontinuing its Australian operations and putting its Spendthrift Australia property up for sale.
Sources4 sources
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