Bill Gates, one of the world's richest men and the founder of Microsoft, has reportedly dropped a mere $18 million on fitness guru Jenny Craig's equestrian ranch in Rancho Santa Fe, Calif.
Rancho Pasaeana, located just 20 minutes away from San Diego, sold after sitting unclaimed for a long time. It was offered for as much as $30 million, but was last priced at $25 million.
Rancho Paseana was owned by the Craig family for more than a decade, but it was closed down before appearing on the market. The Wall Street Journal broke news of the deal noting that the transaction closed mid-September. The property wasn't on the open market when Gates closed on the deal.
Spokespersons for Gates confirmed the deal with the Journal, saying:
"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."
Jason Barry of Barry Estates reportedly represented Craig in the deal. He explained that the ranch sat unsold for a long time because Craig was looking for a buyer who would keep the ranch as an equestrian facility.
"I was happy that the buyer is someone who can afford to turn it into the showplace it was meant to be. It will be kept as a horse barn so the neighbors will be thrilled ... the person who bought it will make it like it can and should be," Craig was quoted by U-T San Diego.
The 228-acre property includes a ¾ mile racetrack, five barns, an olive orchard, a veterinary suite, a guesthouse and an office. Below is an excerpt for the listing description:
"Rancho Paseana was originally developed by Gene Klein & his trainer Wayne Lucas, as a Premier Race Horse Facility & is presently owned by the Jenny Craig Family who have owned it for over a decade. Nestled in one of the largest valleys in Rancho Santa Fe is Rancho Paseana, the largest Thoroughbred Horse Farm that has the best location in San Diego County."
You can see some photos of the ranch here. Since the ranch closed down, no horses have been bred there.
Jenny Craig has a del Mar, Calif., home on the market for $35 million. Read more on that property here.
