AIKEN - With the most famous jewel in Aiken's Triple Crown, the Aiken Spring Steeplechase, on tap for Saturday, many people may be daydreaming about owning a prize racehorse of their own.
These days, they don't have to be fabulously rich to invest in a racehorse. Moderate wealth will do just fine.
At Aiken's Dogwood Stable, share prices in champion-quality thoroughbreds recently have ranged from $23,000 to $48,000.
The only catch is that investors have to share any winnings with three other investors and the stable.
Dogwood's owner, Cot Campbell, created the group-investing approach to thoroughbred ownership. He says the idea has caught on since he came up with it in 1969.
Now, several other stables across the country employ variations of the concept.
"We keep 5 percent of the horse," Mr. Campbell said. "Then I sell four shares in the remaining 95 percent. If I buy a horse for $100,000, I may syndicate it for $140,000."
Mr. Campbell said the buyers get no guarantees. They're paying for his experience in picking and training past winners, including Summer Squall, winner of the 1990 Preakness Stakes.
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Exercisers take the latest group of partnership horses, purchased by Dogwood Stable, around the track. At Dogwood Stable, share prices in champion-quality thoroughbreds have ranged from $23,000 to $48,000.
RON COCKERILLE/STAFF |
Mr. Campbell goes to two major horse auctions in Miami every year.
"I get a catalog with all the horses and their pedigrees," he said. "I look at 300 pages, then turn down the corners of maybe 50 or 60 horses I'm interested in seeing before the auction."
Mr. Campbell said he buys based on his most educated guesses.
"I try to put our partnerships in a position to get lucky," he said. "I'm trying to buy an athlete. And as you might imagine, the child of a Joe Montana might cost you more."
He said intuition occasionally does comes into play, though.
"I've learned not to get too many feelings. One horse I did have a feeling about was Summer Squall," he said.
The horse accrued millions in prize money during its racing career.
"The horses take baby steps at first. They show you if they want to win," Mr. Campbell said.
Reach Eric Williamson at (803) 648-1395 or scbureau@augustachronicle.com.
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