Saturday, April 11, 2009
He's gonna need all the money he can get, to pay the vet bills on 177 starving and neglected horses.
Paragall Raking in Millions By Ray Paulick
Ernie Paragallo may or may not have financial problems in his private life. But he very likely has a legal problem, stemming from the reported discovery on his upstate New York farm of horses that were not being fed or cared for properly or humanely. Police in New York on Wednesday took control of Center Brook Farm and its 170-plus equine occupants.
In one published report, Paragallo claims to be spending $5,000 per week on feed for the horses on his farm. That sounds like a lot of money to many of us, but Paragallo has played at the top end of the racing and breeding world. One of his racing stable’s former stars, Unbridled’s Song, winner of the $1-million Breeders’ Cup Juvenile in 1995, has been an extremely successful stallion, standing as the property of a syndicate at Taylor Made Farm in Kentucky.
Unbridled’s Song is the sire of two of this year’s leading Kentucky Derby contenders, Old Fashioned and Dunkirk.
According to sources, Paragallo owns as many as 20 of the 40 shares in Unbridled’s Song, whose 2009 live foal stud fee is $125,000 (down from $150,000 in 2008, and $200,000 in 2007). Each of those shares leads to roughly two live foals per year, meaning that if Paragallo owns 20 shares he will get $5 million or more in revenue in stud fees from Unbridled’s Song when this breeding season’s foals are born in 2010 (20 shares=40 foals, times $125,000 stud fee). Over a three-year period (factoring in the higher fees from 2007-08), Paragallo’s revenue from Unbridled’s Song could approach $20 million.
Yes, he certainly can afford to feed and provide proper veterinary care for his horses.