Wednesday, July 11, 2012
Troubled TD Michael Lowry could soon have a million reasons to celebrate after an unlikely gamble on the horses paid off.
Last month, the Tipperary deputy hit incredible fortune when a horse he bred landed a lucrative juvenile title at the Curragh — a win that could end up with him netting €1m.
The two-year-old horse, called Probably, was bred by Mr Lowry from a mare he acquired after settling his €1.4m bill with Revenue in 2007.
The price Mr Lowry paid for the mare, Wedding Morn, is not known but afterwards he would have paid in the region of €115,000 to have her covered by one of the country’s foremost stallions, Coolmore’s Danehill Dancer.
According to breeding records, Mr Lowry bought the horse from Longueville Bloodstock in time for the 2008 covering season. This was after he had to sell assets and re-mortgage his property to settle his affairs.
He is still the registered owner of the mare but she is boarding in the care of Coolmore.
In the four seasons the shamed TD has been breeding her, Wedding Morn has delivered three foals that were sold for a combined €410,000 in the Tattersalls sales of 2009, 2010, and 2011.
Sales patterns suggest these will pale beside her recently acquired earning potential.
After two wins, Probably has now installed himself as one of the early favourites for next year’s classic season and sent the value of future offspring from Mr Lowry’s mare soaring.
By winning the Railway Stakes, Probably has followed in the footsteps of Mastercraftsman, who has the same father and won the same race in 2008.
The Curragh result, along with two other wins that season, catapulted the stock of all animals related to Mastercraftsman.
Within three months of his Curragh win, his unraced younger sister sold for €1m at a Goff’s sales event that saw most other prices collapse.
Probably, and Wedding Morn’s other son Canary Wharf, were bred after Mr Lowry twice sent her to one of Europe’s top stallions.
Canary Wharf had an underwhelming career. But Probably has already been touted by his trainer as being aimed "at the stars".
At the recent race in the Curragh, Probably did not race in the colours of Mr Lowry. He was sold to the Coolmore financier Michael Tabor as a foal for €200,000.
Wedding Morn is an 11-year-old daughter of the legendary stallion Sadler’s Wells and had been owned and trained at Coolmore.
In late 2007, Mr Lowry told the Irish Examiner he had been forced to sell some of his assets and re-mortgage his home to settle his and his company’s tax bill.
Mr Lowry was contacted for a comment but he was out of the country.