Billionaire businessman and owner of champion horses

LOS ANGELES — B. Wayne Hughes, the founder and chairman of Public Storage whose passion for horse racing culminated with a victory by Authentic in the 2020 Kentucky Derby and Breeders’ Cup Classic, died Wednesday. He was 87.

Mr. Hughes died at home at Spendthrift Farm in Lexington, Ky., according to an announcement posted on the farm’s website. No cause of death was provided.

He purchased the historic 700-acre farm in 2004 and relocated from Southern California to restore its name and land, returning Spendthrift to prominence as a commercial breeding operation.

Last year, Authentic pulled away down the stretch to win the Kentucky Derby by 1¾ lengths in Hughes’ 50th year as a thoroughbred owner.

The 3-year-old colt was trained by Hall of Famer Bob Baffert, who earned his record-tying sixth victory in the race.

Mr. Baffert first met Mr. Hughes when he arrived at Santa Anita from Arizona and switched from training quarterhorses to thoroughbreds full-time in 1991.

“I had a cowboy hat and he would invite me to breakfast with him and five other trainers,” Mr. Baffert told The Associated Press. “I listened to the stories and got to know him when I had one horse. I never thought I’d train for him.”

Last year, Mr. Hughes partnered with an upstart online ownership group called Myracehorse.com, which offered anyone who paid $206 a microshare ownership interest in Authentic. Over 5,300 people bought in.

Mr. Hughes was founder and chairman of Public Storage, one of the largest selfstorage companies in the U.S. He was president and co-CEO before retiring in 2002, when he turned his attention full-time to racing.

He is survived by his wife, Patricia, a son, Wayne Jr., and daughter Tamara Gustavson.