Hunt Remembered in Coverage of America's Richest
A Nelson Bunker Hunt profile highlighting his return to Thoroughbred racing was featured in Forbes magazine's annual coverage of America's 400 richest people.Hunt, 75, left bankruptcy in 1989 with a net worth of between $5 million and $10 million, while still owing the Internal Revenue Service $90 million to be repaid over the next 15 years, according to the profile. A change in tax status last year allowed him to begin buying horses again.Hunt now can keep most of what he earns beyond what's received from a trust that holds real estate, securities, and the assets of Hunt Exploration Mining Co., which is valued at $200 million. Before the change, Hunt had to pay the IRS 70% of his income. The Texas oilman has spent $2.5 million on 80 horses, mostly yearlings, over the past two years."I just happened to go to a horse sale a couple years ago, and I guess the bug bit me (again)," Hunt told Forbes. He owned nearly 600 horses during his glory days of racing in the late 1980s.Dallas banker Gerald Ford, who owns Diamond A Farm near Versailles, Ky., also got special treatment in the same Forbes issue. A full-page photo of Ford leads the section featuring people who made their fortunes though finance. Ford is a new member to the Forbes 400 this year. His net worth is estimated at about $800 million.Other members of the Forbes 400 who have ties to Thoroughbred racing include:Carl Ichan, owner/breeder, worth $5 billion, 31 on the list;
Date Posted: 10/1/2001 5:16:33 PM
Last Updated: 10/3/2001 9:05:51 AM
B. Wayne Hughes, owner, $1.7 billion, 124;
Robert McNair, owner/breeder, $1.5 billion, 145;
Kenny Troutt, owner/breeder, $1.4 billion, 158;
Charlotte Weber, owner/breeder, $1.1 billion, 211;
Jesse Mack Robinson, owner/breeder, $840 million, 311;
Edward J. Debartolo Jr., racetrack owner, $800 million, 320;
Oakleigh Blakeman Thorne III, owner, $800 million, 320;
Harry V. Quadacci, owner, $780 million, 333;
George Strawbridge Jr., owner/breeder, $600 million, 391.The Forbes 400 list and associated articles can be viewed at www.forbes.com.
Copyright © 2015 The Blood-Horse, Inc. All Rights Reserved.