Facing challenges related to contraction in the California Thoroughbred industry, co-owner Tom Clark has placed Rancho San Miguel up for sale.
One of California's top breeding farms, Rancho San Miguel—located in the central part of the state between Los Angeles and San Francisco—was listed last week for $13.5 million. The 250-acre property, owned by Clark and his wife Nancy, stands nine stallions, led by Sir Prancealot , the third-leading California-based sire by 2025 progeny earnings.
Clark said his desire is for the property to continue as a horse farm, perhaps encompassing more than Thoroughbreds. He also is not opposed to a partial sale of Rancho San Miguel, as he initially told Daily Racing Form, which first reported the Rancho San Miguel listing in racing industry publications.
"I am getting a little older and I'm just trying to think about the longer term, the next step for our family," said the 70-year-old Clark. "But, more importantly, given the condition of the industry and the pressures we see here, we really need a partner or an investor with deeper pockets that can sustain this farm and keep it going at the level that it is currently."
He stressed that: "We're not picking up and on Dec. 31, we're out and we're selling all the horses. That's not the case.
"We're very focused on our employees and our clients, and we want to sustain Rancho San Miguel really for the next generation. And that's what we're looking to do. So we're not running away, but we also are trying to be realistic long term. We need more capital to keep this place as successful as it is today."
Less Thoroughbred racing is available across the state this year compared to 2024. 1/ST Racing's closure of Golden Gate Fields in Northern California and diminished interest from most Northern California county fairs that would provide summer racing opportunities have consolidated racing mainly to the southern part of the state. Pleasanton is closing as a training facility at the end of this month.
Even before those events, Clark said declining foal crops have led to a difficult environment. According to data from The Jockey Club, when the stallion barn was built at Rancho San Miguel in 2005, California had a foal crop of 3,664. In 2024, that figure was estimated at 1,046—a number that could rise slightly with late reporting. Foal crops from California accounted for 9.6% of the crop across North America in 2004. It was approximately 5.9% last year.
Median prices for California-bred yearlings last year was $7,000, the same level as in 2013. "And the costs have gone up dramatically to raise a good horse," Clark said.
He said more and more small breeders have walked away from the California industry or sought opportunities in other states, such as Kentucky, where purses are supplemented by historical horse racing gaming revenue.
California does not have gaming to support its racing industry.
The Clarks have meanwhile invested in Rancho San Miguel, which offers a foal nursery in addition to its stallion station. The farm also has new pastures, barns, equipment, and employee housing.
"We're not leaving here tomorrow," he said, noting their desire to "really take care of our clients and our employees."
