Following our last update, Boppy was shipped to Spendthrift Farm to transition into life as a broodmare prospect. As mentioned, our partners at Spendthrift Farm informed us of their interest in purchasing Boppy from us. The MyRacehorse team had Boppy appraised by three independent consultants in order to develop a fair market value. This process allowed us to develop a baseline to pursue a potential sale rather than waiting until November’s breeding stock sales. The three independent appraisals returned at $52,000, $50,000, and $40,000 (for 100% interest).
Accordingly, we have proceeded with the sale of our 15% ownership of Boppy to Spendthrift Farm based on a total valuation $47,333.33, the approximate average of the three appraisals. MyRacehorse’s 15% ownership value comes out to a total $7,100.
The highest number we received in our appraisals was only $5,000 more than the agreed amount which we believe was more than fair. However, even if under an auction environment if that number was attained, the net sale proceeds would have been in line with the amount we received in this private sale. In an auction environment, 10 percent of the gross sales price would have been paid to the sales agency and consignor, in addition to the minor carrying costs to get her to the sale.
We do not know Spendthrift Farm’s exact plans as of yet in regards to who they will breed her to but we will remain in touch with them on her and her future. We will begin the closeout process for the series and follow up once they are completed.