Home » Business » Wayne Hughes, billionaire businessman and horse owner, dies
Wayne Hughes, billionaire businessman and horse owner, dies
Fox Business Flash top headlines for August 18
Check out what’s clicking on FoxBusiness.com.
B. Wayne Hughes, the founder and chairman of Public Storage whose passion for horse racing culminated with a victory by Authentic in the 2020 Kentucky Derby and Breeders’ Cup Classic, died Wednesday. He was 87.
Hughes died at home at Spendthrift Farm in Lexington, Kentucky, according to an announcement posted on the farm’s website. No cause of death was provided.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
He purchased the historic 700-acre farm in 2004 and relocated from Southern California to restore its name and land, returning Spendthrift to prominence as a commercial breeding operation.
Last year, Authentic pulled away down the stretch to win the Kentucky Derby by 1 1/4 lengths in Hughes' 50th year as a thoroughbred owner. The 3-year-old colt was trained by Hall of Famer Bob Baffert, who earned his record-tying sixth victory in the race.
Baffert first met Hughes when he arrived at Santa Anita from Arizona and switched from training quarterhorses to thoroughbreds full-time in 1991.
"I had a cowboy hat and he would invite me to breakfast with him and five other trainers," Baffert told The Associated Press. "I listened to the stories and got to know him when I had one horse. I never thought I'd train for him."
Last year, Hughes partnered with an upstart online ownership group called Myracehorse.com, which offered anyone who paid $206 a microshare ownership interest in Authentic. Over 5,300 people bought in.
"By people buying a small interest, it would attach them to the game," Hall of Fame trainer Richard Mandella told the AP. "He thought that would make some devoted fans, not just casual."
Wearing Hughes' purple-and-orange colors, Authentic went on to win the BC Classic, and Hughes attended at Keeneland to accept the trophy in a crowded winner's circle. The colt also won the Eclipse Award as Horse of the Year.