The Real Deal Miami

North Run horse trainers buy Wellington facility for $9M

Equestrian facility was on the market for nearly $15M, then for under $10M

September 08, 2016 09:55AM
By Katherine Kallergis

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Missy Clark, John Brennan and Olde Hampton Drive

Missy Clark, John Brennan and 3451 Olde Hampton Drive

A company tied to the North Run equestrian facility in Wellington purchased another nearby farm for $9 million.

Records show North Run South LLC, led by horse trainers and wife and husband Melissa Clark and John Brennan, bought the roughly 6-acre property at 3451 Olde Hampton Drive. The equestrian facility features space for 45 horses, three apartments, nine paddocks and a sand ring, according to the listing.

The income-producing property “into the mid-six figures” was on the market for $14.5 million with MooreBroker Realty, then for $9.995 million in June. The listing said the equestrian estate comes with a three-year seasonal lease that leaves 15 personal stalls available with an office, tack room, feed room and bathroom.

Clark and Brennan have two North Run facilities: one in Warren, Vermont and the other at 2402 Players Court in Wellington. Award-winning horses and trainers have trained at North Run, according to its website. Their new acquisition is less than a mile away from the Players Court farm. City National Bank provided the buying entity a $5 million mortgage to finance the deal, records show.

An LLC controlled by James A. Pappas, a West Palm Beach developer who died in August, sold the facility. Pappas paid $4.125 million for the properties in 2006 and 2008. George Pappas signed the deed transfer of ownership from this week. Just before he died, Pappas sold a Palm Beach home to Bruce Springsteen drummer Max Weinberg.

Wellington is known for its high-end equestrian estates and farms. And land in Wellington has been a hot commodity this year. One of the most notable deals was Microsoft founder Bill Gates assembling an entire street to form one large private residence for $38 million.