Hedge fund manager Jeffrey Tucker's horse farms near the 146-year-old Saratoga Race Track about 180 miles (290 km) north of New York City could be going up for sale, according to a real estate broker.
bOSTON (Reuters) - Many gamblers have been forced to sell financial assets to cover bets on horses, but it is less common for a lover of thoroughbreds to sell a farm because of bad bets on investments.
But that may be what is happening to the co-founder of hedge fund firm Fairfield Greenwich Group, which lost more than half of its assets in Bernard Madoff's alleged $50 billion (34 billion pounds) fraud.
Hedge fund manager Jeffrey Tucker's horse farms near the 146-year-old Saratoga Race Track about 180 miles (290 km) north of New York City could be going up for sale, according to a real estate broker.
"We've been in discussions for several weeks with Mr. Tucker," said Bill Parker, a partner in Select Sotheby's International Realty of Saratoga Springs. "That's about all I can say."
Tucker owns Stone Bridge Farm in Schuylerville, New York, and another facility in Gansevoort, New York, which together total about 400 acres (160 hectares) and are convenient to the famed summer horse racing course.
Fairfield Greenwich had invested about $7.5 billion of its $14.1 billion in assets under management with Madoff, who authorities say was running a Ponzi scheme. In a Ponzi, new investors' money is used to pay earlier investors in the guise of investment returns.
Madoff has remained under house arrest at his Manhattan penthouse since December when federal agents say he confessed that his once sought-after investment fund was a fraud.
Fairfield Greenwich, founded in 1983, last fall joined forces with Swiss private bank Banque Benedict Hentsch, though that company pulled out of the partnership in December after Fairfield Greenwich disclosed its Madoff losses.
(Reporting by Scott Malone; Editing by Brian Moss)
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