Environment: Horsepower, International Style

Shakespeare's Richard III offered his kingdom for a horse, but nowadays he probably would have to up his bid. At the famed Keeneland Association yearling sales in Lexington, Ky., last week, British Betting Tycoon Robert Sangster, 46, who has parlayed a shrewd interest in horseflesh and an oddsmaker's understanding of the business into a stable of 400 Thoroughbreds, paid $4.25 million for a 15-month-old colt. It was the highest price ever for a race horse at auction. Sangster outbid Sheik Mohammed bin Rashid el Maktoum, Dubai's Defense Minister and the heir apparent to the throne of the principality, who dropped out...

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