Padua Stables, the 763-acre property developed in Central Florida and owned by the prominent Satish Sanan, will sell at a real estate auction May 31. The auction will be conducted at Padua by J.P. King Auction Company, it was announced in an April 3 press release.
When Sanan began developing Padua Stables in 1998, he toured racing stables around the United States and Europe to ensure he created the most state-of-the-art facility, according to the press release. Before deciding to move his operation to Kentucky in 2007, Sanan had invested nearly $30 million into Padua Stables. Prior to enlisting J.P. King's services, Padua Stables was available for purchase through traditional real estate methods for three years.
"Over the years Padua has evolved into a high-end breed-to-race operation. Rather than buying horses at the auctions, we breed most of the horses we race," Sanan said. "We were shipping our high-end mares from Florida to Kentucky and back every year, and it didn't make financial sense anymore. So we decided to transition our operations to Kentucky and purchased a farm in Lexington, Kentucky. It's a shame, because we put our heart and soul and a lot of capital into the farm in Florida, but it's the best thing for our business to do.
"We interviewed a lot of auction companies, and J.P. King had the reputation we were looking for and was the biggest, best and most experienced with a type of property like ours," Sanan added.