Heart of Wimborne Now Owned by Three Buyers
Updated: Friday, July 12, 2002 3:33 PM
Posted: Friday, July 12, 2002 3:30 PM
The 416-acre nucleus of Wimborne Farm, near Paris, Ky., sold in three separate tracts on Friday for $1,167,566 in an absolute auction conducted by Tom Biederman.
Owner Diane Perkins sold her property in Bourbon County and Saturday will sell the majority of her breeding stock. She is substantially downsizing and moving to property in Fayette County, and will keep her horses at the Thoroughbred Center on Paris Pike.
Three separate bidders now own what was once the core of Wimborne: Vic Ferguson, Franklin D. Franklin, and the partnership of Dr. George Veloutis and Robert Rankin. Two other tracts of land, which do not connect with this property, were sold later in a separate auction Friday. A 71-acre parcel sold for $323,050 ($4,550 per acre) and the other 71.7-acre tract sold for $215,100 ($3,000 per acre). Who bought the two parcels was not immediately available.
Ferguson paid $3,350 per acre or $534,908 for the 160-acre tract, which includes Perkins' log cabin home, three tobacco barns converted into horse barns, and multiple run-in sheds. Ferguson is from Paintsville, Ky., but he and his family have a small 86-acre farm in Bourbon County and have lived near Paris for the last year. He said he is in the process of entering the Thoroughbred business, and might eventually keep horses on this property. He said he plans to move to this farm, but eventually he might resell it after making improvements.
Veloutis, an obstetrician based in Paris, and Rankin, a tobacco farmer and gold course owner, joined forces to buy the largest tract, 189 acres, which contains the farm office and stallion complex, a yearling barn, and a broodmare barn. They paid $2,150 per acre, or $406,982. Veloutis said he and Rankin hadn't intended on partnering up until Rankin approached him and said "we're bidding against each other so let's just partner up." Veloutis operates Royal Stable and Thoroughbred Consignment Company. He said he has a number of horses currently on other farms.
Franklin D. Franklin, who owns 150-acre Franklin Farm, which adjoins a portion of Wimborne, purchased the smallest tract of about 67 acres for $1,167,566. Franklin breeds and races Thoroughbreds and said he owns about 47 horses. He said he wasn't sure what his plans were for this addition, but that he came to buy and is interested in owning more land.
About 60 people attended the auction, held at Wimborne, and 21 bidders had registered by the mid-point of bidding on the second tract of land. Farm managers from nearby farms, including Claiborne Farm, came to watch. Perkins and her family were also present.
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