A plush horse farm that in the past has sparked rumors of a possible Morse acquisition has been picked up at a bargain price by the owner of a construction company with long, deep ties to the family.
James “Ike” Rainey, owner of Rainey Construction Co. has purchased Padua Stables, a 768-acre thoroughbred farm located on U.S. 301 in Summerfield. Rainey made the purchase under Cowboys Group LLC, a Florida corporation he formed in 2010.
Padua Stables was put up for sale in 2007 for $35 million. Rainey’s cash purchase was reportedly less than the most-recent listing price of $17.9 million.
Padua is known for the rolling, gracious countryside it covers, as well as for being rich in sunlight, spring-fed lakes and ponds, granddaddy oaks and limestone. The 8,000 square foot main residence is designed for entertaining. Consequently the pool and lanai area overlooks the largest lake of the property. There is “exceptionally nice private housing” for guests, managers and staff. There are a total of 13 residences on the grounds plus a 7,000 square foot dormitory with 22 rooms to accommodate a large-scale operation. The training complex consists of 116 stalls, a three-quarter mile dirt track, one-mile turf track, four covered hot walkers, round pens and lush paddocks.
In 2015, a widely circulated and recirculated email in The Villages poured gasoline on a rumor that the Morse family was looking to purchase Padua Stables. Here is the email.
New update . . . just wondering if anyone down in the Villages has heard of this – think it strange how I come to Rhode Island and get this Villages news.
Today I met a guy from Kentucky who is here in Rhode Island for training the polo horses at the Middletown polo fields (just outside Newport). He told me that at one time he worked for the Morse family to train and bred their polo ponies. Then he told me how the “family” is going to buy the Padua Farm on Route 301 just north of Route 42. This is an 800 acre farm that has been for sale for the past three years.
The farm is values at over 35 million but the family is getting it for just over 12 million. He claimed the family is then going to move the whole polo operation from the Villages to the farm . . . allowing them to then build on the land where the current polo fields are located. (They also own more land in back of the polo grounds. He said they may even move all the families over to the new farm and use all their current lands on 466 as development . . . they could build at least 2,500 more home if they do this. (that would be about a quarter of a billion dollars in profit)
So my question is, has anyone heard any rumors down there?
Rainey’s friendship with Mark Morse is legendary, thanks in part to their arrests after 2007 and 2008 misadventures at a ranch in Montana. Rainey was accused of killing two elk, then removing only the head from one elk and allowing the meat from both carcasses to rot.
