Justify's value skyrockets to $75 million after Triple Crown win - report
After Affirmed won horse racing’s Triple Crown in 1978, the sport waited 37 years for the next one.
In 2015, American Pharoah ended the drought, winning the Kentucky Derby, the Preakness Stakes and the Belmont Stakes.
On Saturday, just three years later, Justify did it again, winning the Belmont Stakes to complete the Triple Crown. And now, according to ESPN, Justify is the most valuable race horse of all time.
The dream is now a reality!
Justify has won the #TripleCrown! pic.twitter.com/I3Tn4pBM1M
— NBC Sports (@NBCSports) June 9, 2018
Before the Belmont victory, Justify’s owners — WinStar Farm, China Horse Club and SF Racing — reportedly negotiated a deal to sell the horse’s breeding rights for $60 million to Coolmore, a leading breeder.
However, that value increased by an additional $15 million after the Belmont win, according to ESPN, raising the price to $75 million.
Justify's owners bought him for $500,000.
One Triple Crown later … pic.twitter.com/RcNSZUfp5H
— ESPN (@espn) June 10, 2018
That amount exceeds the previous record held by Fusaichi Pegasus, who Coolmore paid $70 million to breed in 2000.
It’s a pretty good return on investment for a horse the owners bought for $500,000.
Coolmore, despite the high price, is expected to make its investment back over time.
Coolmore could make half of that money back in the first year if they breed Justify 250 times at $150,000 per foal.
Justify loving the spotlight 📸📽👑 pic.twitter.com/diB9yBRzmo
— Belmont Stakes (@BelmontStakes) June 10, 2018
Coolmore also owns the breeding rights to American Pharoah, the 2015 Triple Crown winner. It bought the rights for $10 million before the Triple Crown races, but the price tripled with bonuses after American Pharoah won the three races.
Justify is the first horse since Triple Crown winner Seattle Slew to win the Triple Crown and be undefeated, according to USA Today.
For now, Justify’s owners say he’s going to keep racing.
“We’re looking forward to sharing him (with the public) more,” said Elliott Walden, the CEO and racing manager for WinStar Farm. “He’s now become a household name, and I’m looking forward to his next race just as much as you guys are.”
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