Crystal Springs Tracts Sold for $1.8 Million
Updated: Saturday, April 26, 2003 2:05 PM
Posted: Saturday, April 26, 2003 12:56 PM
Three tracts from R.D. Hubbard's Crystal Springs Farm yearling division outside Paris, Ky., were sold at absolute auction April 26 for a total of $1,789,520.
Donald and Linda Hovermale, who own a farm in Nicholas County, Ky., bought two of the tracts for just under $1.5 million. The Hovermales raise cattle in Nicholas County and plan to raise cattle over their new property while they decide whether to start a horse operation.
Tract one is comprised of 127 acres fronting Hume-Bedford and Elizabeth Station roads. It includes a 21-stall horse barn, a 15-stall horse barn, a Stratton six-horse Equigym, paddocks, and turn-out pens. The Hovermales paid $6,600 per acre for this tract.
Tract two was purchased by Walmac International for $304,920. The 50-acre tract fronts Elizabeth Station Rd. and consists of paddocks. The Hovermales also purchased tract three, 84.5 acres with fronting on Hume-Bedford Rd. This tract has a 15-stall horse barn and sold for $7,300 per acre.
Hubbard's farm/racing manager, Tom Goncharoff, said that Hubbard put the property up for sale three years after purchasing it because he is starting to develop a ranch in New Mexico, and has moved a number of Thoroughbred and Quarter Horse mares to that operation. The main 235-acre Crystal Springs Farm, which Hubbard purchased in 1985, will continue as Hubbard's Kentucky base.
Bill McConnell of McConnell Real Estate served as broker/auctioneer for the transactions. The auction attracted some 24 registered bidders, of which a dozen made bids on the properties.
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