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Westbury Stud Sold

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Westbury Stud, the prestigious South Auckland stud farm established by Rich Lister Eric Watson, has been bought by Australian retail magnate Gerald Harvey, founder of the Harvey Norman chain.

Harvey is ranked Australia's 13th-richest person with an estimated net worth of $A870 million ($1.1 billion). He is also one of Australia's best-known racehorse owners but Westbury is believed to be his first foray into this country's bloodstock industry.

Westbury, at Karaka on the outskirts of Auckland, is one of the country's most lavishly appointed stud farms and was regarded as one of Watson's trophy investments.

He sold the 85ha property to NZ Thoroughbred Holdings, a company owned by the family interests of property developer Michael Tololi, in August last year. But the recession has not been kind to Tololi and by the beginning of this year he had started selling down assets to reduce his debt, and by March some of his horse-breeding interests were being tipped into receivership.

In April the Overseas Investment Office gave approval for Sydney-based GH Westbury Pty Ltd to acquire a 50% stake in NZ Thoroughbred Holdings for just over $5m. That company is owned by Harvey and appears to have been set up specifically to buy the stud farm.

In August the second mortgage on the property was transferred from Watson's company to GH Westbury. But by September receivers had been appointed to Tololi's interest in the property and Harvey took his ownership to 100%.

The acquisition means Westbury is now part of an impressive Australasian bloodstock business.

Harvey's Australian bloodstock interests are estimated to be worth $A110m. That includes three stud farms, around 1000 horses and a major stake in Magic Millions, one of the country's largest thoroughbred auction houses.

Acquiring Westbury gives Harvey access to one of this country's largest sire rosters and will enable him to develop a breeding programme sourcing horses from both sides of the Tasman. Their progeny will then be exported around the world.

http://www.stuff.co.nz/business/3018814/Retailer-ups-stud-stakes

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