Hopewell Farm was auctioned off in three tracts July 16.

Hopewell Farm was auctioned off in three tracts July 16.

Anne M. Eberhardt

Hopewell Farm Sold at Auction

PNC Bank buys bulk of land on which it already held the mortgage.

Hopewell Farm, spanning 584 acres in the heart of the Bluegrass in Woodford County, Ky., was auctioned off in three tracts July 16, with PNC Bank buying the lion's share of the property and Lexington neurosurgeon Dr. Matthew Tutt purchasing 43.27 acres.

PNC Bank held the mortgage on the property, which had been owned by breeder Richard Trontz. The bank bid $12,500/acre on Tract 1, a 174-acre parcel, and $11,500/acre on Tract 2, which spanned 367 acres, for a total of $6.5 million. Dr. Tutt made the winning bid of $14,500 an acre on the third tract.

"There were 20 registered bidders on Tract 3, and the bidding was enthusiastic," said Walt Robertson, who served as auctioneer for Swinebroad Denton, Inc. "As for the other tracts, there are ongoing conversations with people who showed interest in them."

Hopewell Farm sits at the corner of Old Frankfort and Pisgah Pikes, close to major breeding operations such as WinStar Farm, Three Chimneys Farm, and Darby Dan Farm, among others. It is most well-known for being the farm where the great runner Skip Away stood at stud.