Developer Mark Bellissimo and his partners cut a deal to buy back Wellington International, the horse showgrounds at the heart of the village’s equestrian economy, three years after selling the site.
The showgrounds play a pivotal role in Bellissimo’s planned 600-acre mixed-use development, the Wellington, a controversial project that will bring hundreds of homes to the equestrian village. Bellissimo is joined by equestrians Marsha Dammerman, Lisa Lourie, and Roger Smith in buying back Wellington International under the entity WI FL Acquisition LLC, according to a press release.
The buyers did not provide the purchase price in the release. The price is near the reported $250 million asking price, according to a source. Representatives for both the buyers and seller did not immediately respond to requests for comment.
The deal includes the 200-acre Wellington International site at 14440 Pierson Road, as well as the equestrian magazine the Chronicle of the Horse and the equestrian events software company ShowGrounds Live, a spokesperson confirmed.
Bellissimo and his partners are buying the assets from Global Equestrian Group (GEG), a Denmark-based firm backed by Waterland Private Equity, another Danish firm with billions of dollars in assets under management.
Bellissimo’s Wellington Equestrian Partners sold Wellington International to GEG in 2021 for an undisclosed amount. After GEG started shopping the showgrounds earlier this year, Bellissimo sued the group for right of first refusal, the Palm Beach Post reported.
Investment in and redevelopment of the showgrounds was mandated by the Wellington Village Council in its approval of the Wellington in February. Wellington International hosts the annual Winter Equestrian Festival (WEF), the largest and longest-running equestrian competition in the world. The show is a focal point in the world of elite equestrian competition, and has drawn notable residents to Wellington like Jenn Gates, daughter of Bill Gates; and Kristy Clark, wife of billionaire Netscape co-founder Jim Clark.
But riders and Wellington residents say the lack of investment and maintenance means the showgrounds are falling behind facilities in other equestrian hubs. “Talk about deferred maintenance, there was not a dime being put into it,” Douglas Elliman agent and equestrian Maria Mendelsohn told The Real Deal earlier this year. “The change is exciting.”
