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I'll Have Another Owner Admits Greed Had 'Something To Do' With Selling Colt Overseas

NEW YORK (WFAN/AP) — The owner of I'll Have Another says he sold his Kentucky Derby and Preakness winner to a farm in Japan for $10 million, a price that far exceeded any amount he was offered in the United States.

J. Paul Reddam made his comments in a blog appearing on the website. He wrote there were two offers from U.S. breeding operations, one valued at just under $5 million, the other at $3 million.

"Certainly greed has something to do with it," he wrote, adding that the "one offer was four times higher in cash than the best offer here," and "I couldn't rationalize not selling him overseas."

"As far as his care goes, he will get top quality care in Japan," Reddam wrote of I'll Have Another, adding he would buy the colt back "if the horse was ever to become available."

"People are not going to spend that kind of money on a horse and then neglect him," he added.

MORE: I'll Have Another's retirement is all about big money

Reddam also noted that the rights of Derby and Preakness runner-up Bodemeister "recently purportedly sold for about 13 million in America."

I'll Have Another was retired with a tendon injury the day before he was to run in the Belmont Stakes and attempt to become the first Triple Crown champion in 34 years.

The colt made a farewell appearance at Betfair Hollywood Park on Saturday before heading to a career as a stud at Shigeyuki Okada's Big Red Farm on the island of Hokkaido.

"I have to question whether I am that shallow, as undoubtedly some folks would have kept the horse here despite the money," Reddam wrote. "If the difference had been 2 million in valuation, I could have justified it, but it wasn't, so I did what I did. I don't believe it means that I love and admire IHA any less, but these are the facts, and everyone who cares to can make up their own mind."

Would you have made the same decision? Let us know in the comments below!

(TM and Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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