LAS VEGAS (CN) – A horse-breeding enterprise says it was suckered out of “millions of dollars” by a breeder who sold “mare lease programs” at prices four times greater than their actual worth.
Robert Hamrick of Tri-Quinn Thoroughbreds says he contracted with Classic Star Thoroughbreds of Kentucky to invest in mare leases, in which the purchaser gets the right to breed a leased mare with a stallion of his choice, and keep the foal.
But the costs and sales figures that Classic Star used to calculate the historical return on investment was “entirely fictional,” and the values of the horses involved were “grossly overstated,” Hamrick says.
He claims that in 2004, Classic Star entered into mare lease programs valued at $160 million, though its equine bloodstock was worth no more than $40 million,
Plaintiffs seek punitive damages. They are represented in Clark County Court by John Bailey with Bailey Kennedy.