Please explain to my how you put a horse up for sale then have to pay $300,000 to get him back?
Ever rode a horse?
I read in a different article where he actually put it into an auction, but the horse didn’t bring what he thought it would. Rather than letting it go for a low bid, he put in a bid of 300k (which was the highest) and bought it back. I doubt any money actually exchanged hands because he would have just paid himself anyhow.
Please explain to my how you put a horse up for sale then have to pay $300,000 to get him back?
Not sure all auctions are the same but I attended many, many antique auctions. Rules can vary but the most common rule is reserve or no reserve rule. A reserve is when buyers must bid at least the reserve price or the item will be pulled. No reserve means that the item must be sold for the highest bid and can not be withdrawn once bidding starts.
Apparently the bids were much too low and the owner had no choice but to keep bidding until he got the horse back. In some cases or places this type of bidding is not allowed. It’s argued that owner bidding drives up the price and is therefore unfair to competitive bidders.
Not sure this was the case but I’ve done the same thing on an antique I auctioned off.
Unclear writing. Zayat apparently sold the horse at auction, then changed his mind and had to buy him back. The stud rights were sold some time ago for $14 million, so Zayat won’t make money on that.
Horse people do a lot of odd business deals (my wife’s family was in the horse business).