This year, Leprechaun has 65 horses being prepared for the juvenile sales, 43 of them part of the partnership. Last year, the partnership sold 49, and the year prior, 42.

One difference is, like nearly all pinhookers, market conditions forced Mulligan to spend more in 2004 than ever before. The 2-year-olds they sold in 2004 were purchased as yearlings for an average of $65,000; those they take to market in 2005 were bought for an average of $85,000.

The good news, Mulligan said, is the group they will sell this year has "more depth of quality; there are more going to select sales."

Leprechaun consigned horses that sold for more than $3 million in 2000 and has grown each year. In 2004, Leprechaun did $5.7 million in revenue and had a net profit of $500,000 when purchase prices, commissions, and expenses were subtracted. "In most business arenas, that is not a bad return," Mulligan said proudly.

There were no home runs, but there were some solid hits last year. Among them was a Forest Wildcat filly purchased for $120,000 and resold for $630,000, and a Gold Case filly bought for $45,000 and pinhooked for $425,000.

The Forest Wildcat filly, named Fashion Cat, is a half-sister to multiple grade I winner and $3-million-plus earner Peace Rules (by Jules).

In the three years of the formal Leprechaun partnerships, several nice horses have been sold. The number of stakes winners reaching double digits, about 10% of the horses pinhooked, by Michael's figures. Among them are:

• Saga Novel (Boundary - Thunder Maid, by Alydar), purchased for $33,000 and resold for $100,000; the filly has won two group III races in Japan and earned $1,202,936.
• Tarnished Lady (Lord Avie - Tarnished Gold, by Cabrini Green), bought for $40,000 and pinhooked for $90,000; she finished second in the 2002 Coaching Club American Oaks (gr. I) and earned $225,150.
• For Rubies (Not For Love - Eliza Donner, by Oh Say), bought for $27,000 and sold for $85,000 (sold in November as a broodmare for $475,000); she is a multiple stakes winner of $354,743.

The best may be yet to come for the Leprechaun-sold horses. Hopes are high for Long Range Missile, a colt who is three-for-three in Southern California. Bought for $60,000 and resold for $190,000, the colt, by Tactical Cat - Actinella, by Seattle Slew, appears ready for stakes competition. He is owned by B. Wayne Hughes and trained by Ron Ellis.

"Everybody wants to be successful and outperform their previous year," Michael Mulligan said. "We have goals, too. We would like to sell one for a million dollars; we would like to sell a (Kentucky) Derby winner. There are plenty of goals out there for you. As time goes on, you have more confidence in your team's ability to select and prepare a quality horse. You feel more comfortable with the process." - Courtesy of the Blood-Horse

Sales Highlights
Partnership Information

Leprechaun consigned horses
that sold for more than $3 million in 2000 and has grown each year.




"Always made a nice return."
According to their stats, Leprechaun partnerships have averaged a profit of 27% the past three years.