Weight-loss mogul Jenny Craig sold her $18 million horse ranch to America’s richest man, Bill Gates, on September 12th, making luxury real estate headlines throughout the area.
With an estimated net worth of $80.3 billion, it is no surprise that Gates has purchased this expansive facility in Southern California. The 229-acre estate, known as Rancho Paseana, is going to be turned by Gates into a competitive hunting-jumping facility.
The name ‘Rancho Paseana’ is the namesake of a legendary thoroughbred race mare — a very fitting name considering the thoroughbred past and future of the property.
Before Craig, the former owner of the San Diego Chargers, Gene Klein, owned the property and a stable of thoroughbred racehorses. Gates will continue the estate’s legacy of top-performing equestrians and thoroughbreds.
A Gates family spokesperson has stated, “The family has enjoyed visiting the San Diego area with friends and family for many years and has purchased the Rancho Paseana property in Rancho Santa Fe, California.”
This real estate match seems perfect for Gates considering he owns a home near the Del Mar Country Club and his daughter, Jennifer, also jumps horses competitively.
Gates has shown his support for his daughter’s equestrian dream in many ways throughout the years. In 2012, Gates reportedly spent $1 million on a Florida mansion and private jets in order for her to participate in an event during spring break in Palm Beach, Florida.
Jenny Craig’s home seems like the latest show of support for his teen daughter’s dream. Jason Barry of Barry Estates, who represented the home, tells us the home features a 3/4-mile racetrack, four 30-stall barns, one 21-stall barn, an olive orchard, and a veterinarian’s area. There are also large areas fenced off for pasture so horses can run and graze freely.
Previously the land was used as a training facility for thoroughbred horses. Craig received a lot of interest in the property from developers but she decided to wait for a buyer who would use the ranch for its original use: horses.
Jason Barry tells us that, “It was a unique farm because they set it up for racing, with 30-acre pastures. It really gave the thoroughbreds a chance to stretch their legs and really go.”
The estate was ultimately shopped off-market when it sold to Gates last month. Craig, also represented by Barry Estates, had decided to sell when her husband and business partner, Sid Craig, passed away.
“It was really a passion they enjoyed together. She enjoyed the passion, but was ready to move on with other aspects of her life,”Jason Barry said of Craig’s decision to sell.
Developers had proposed breaking the property up into pieces and selling it for development, so Craig was happy to find a buyer interested in the property as it is. The overall sentiments from the community are also thankful to Gates for wanting to maintain the property for its original use.
With Rancho Santa Fe’s interest in sprawling landscapes and pleasing aesthetics, it is no surprise that residents are happy about avoiding development on the property. As a grand prix circuit for hunters and jumpers, residents can look forward to what Gates has planned for his new real estate.