b'real estateWhile the Thoroughbred continues as the dominant breed driving the Central Ken-tucky market, real estate professionals said the show horse business has become a significant factor. When in 2008 Lisa Laurie expanded her Spy Coast Farm holding to include almost 313 acres near the Kentucky Horse Park, she started a wave, Justice said. The wave gained force after the World Equestrian Games came to the horse park in 2010. It has become such a significant force that in 2016 Davis wrote KirK SchleA PhotogrAPhy/SchleA ViSuAl ArtSa report on the expansion of the show horse industry, listing the details of 27 transactions. The Spy Coast investment, at $29,677 an acre, was in the upper-middle range of prices paid, which pushed up into the $100,000 per acre range in a few cases. And many of those players have expanded their holdings since their initial purchase. The show horse industry has injected a tremendous amount of money and enthusiasm, Davis said.Davis noted in his report that the states support of the Kentucky Horse Park and the high level of equine competition there as a And, as with everything else in society,critical draw for the show horse industry. But, the Internet has changed how people buyfor show horse people as well as Thorough-horse farms. Justice recalled that when hebred and other equine sectors (polo is becom-started in the business, MLS (multi-listinging bigger in Central Kentucky, particularly system) books came out with four pictureswith the advent of more South American to the page. Brokers such as Justice wouldbuyers), the whole package is attractive.look at what was available and call up clients.Located at the juncture of two major Even when he started his first Web page,interstates, Lexington is easy to trailer horses Justice said, his idea was to put up a couple ofto and from other places, with New York or pictures and a little information about a farmFlorida only a days drive away. Plus, all the so that potential buyers would then call himinfrastructure to support horses is hereto get more details. I wanted them to talkequine medical specialists, of course, but also to me, he noted. But the market said, wenutritionists, architects, pasture managers, want all the information out there. and dozens of others who know how to care When Tom Benson, the late owner offor horses. Anne M. eberhArdtthe New Orleans Saints and a ThoroughbredAnd people like coming to Lexington. owner, was interested in buying a farm in theThe climate is moderate, the cost of living Bluegrass, it was not a casual thing, Justicereasonable. And the quality of life is excellent. said. He sent a list of specifications and askedNobody wants to live in a place where they Above, Realtor Bill Justice said prospectivefor a spreadsheet evaluating a dozen farmscant enjoy a nice restaurant and the arts, buyers have a wealth of information nowon them. That was followed by a conferenceBiederman said, and in Central Kentucky available to them. He noted that some buyerscall that included executives of Bensons otherthey can. Its an educated area with many have very specific requirements, as did the lateoperations, a New Orleans real estate broker,cultural amenities and everything is close by. Tom Benson, who evaluated a dozen farms andand his bloodstock agent. That narrowed itYou can go to the opera, the philharmonic, ultimately purchased Greenwood Lodge, top. down to eight, a new list of specifications andto a world-class dinner, world-class basketball a new spreadsheet, and then to four before aand be right back home in 15 to 20 min-purchase was even considered.utes, Davis said. You really earn your money now, Kirk- So, they may be pickier and more pen-patricks Davis said. nywise, but the buyers keep coming. When 110 14_RealEstate_use.indd 110 3/20/19 4:38 PM'