When J.T. Lundy took over Calumet Farm in 1982, its financial situation was rock solid — worth nearly $100 million, debt free, and with the prince of all stallions earning money at an unprecedented rate in the breeding shed. Through decades of hard work, Calumet had earned its reputation as the most prestigious horse breeding farm and thoroughbred training center in the country.
Nine years later Calumet was a shambles.
Lundy resigned and left the farm in April 1991. In July, Calumet filed for bankruptcy.
"Before J.T. took over, the farm had $93 million in assets," said The Blood-Horse's Eric Mitchell. "And then by the time the farm files for bankruptcy in '91 — a decade later — the farm was $165 million in the hole."
Alydar's former trainer at Calumet, John Veitch, said: "You can sum it up in one word, the tragedy of Calumet Farm, and that is stupidity. You can throw in a little greed, certainly some horrible business decisions."
Lundy left Lexington and moved to Ocala, Fla. His wife, Cindy, who had spent much of the last three decades elsewhere than Kentucky, filed for divorce. And the Wright family suddenly found itself broke.