Auctions: Calumet Finds A White Knight

Calumet Finds A White Knight

In baseball, it's the New York Yankees. In basketball, the Boston Celtics. In Thoroughbred racing, it's Calumet Farm. Since 1931 the Lexington, Ky., breeding farm and racing stable has produced two Triple Crown horses, nine Kentucky Derby champions and six Horse of the Year Eclipse Award winners.

But 10 years of mismanagement buried the farm under $127 million of debt, and owner Bertha Wright, who inherited Calumet in 1982, filed for bankruptcy protection in July. Last week all 850 rolling acres of Kentucky bluegrass, 15 red-and-white barns, a 14-room mansion and assorted trophies and memorabilia went on the auction block. Polish-born...

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