HIPICO FOR SALE
Equestrian facility has $4.96M asking price
For five years, 137 acres near Santa Fe Regional Airport took on the distinct air of the English countryside, with equestrians competing in dressage and hunter jumper competitions at HIPICO Santa Fe.
Brian and Phyllis Gonzales and Guy McElvain expanded the polo grounds of the former Santa Fe Horse Park into nationally respected horse show facilities, drawing 600 to 800 riders each July for the four-week Santa Fe Summer Series, an A-rated hunter jumper horse show.
“If you mention us in any major equestrian event, they would know us as a top-tier venue for horse sport,” Phyllis Gonzales said.
But HIPICO is up for sale for $4.96 million, its owners announced Monday. The property is being listed by Fay Ranches, headquartered in Bozeman, Mont.
HIPICO has had no major horse shows since fall 2019. The show season typically starts in April, which in 2020 was a month of a statewide lockdown due to the coronavirus. All 25 to 30 dressage and hunter jumper competitions for 2020 were canceled, and any 2021 competitions rely on loosening of state public health orders.
Phyllis Gonzales said HIPICO lost 97 percent of its revenue in 2020, even with 10 drive-in concerts staged on the polo grounds by AMP Concerts.
The facility has had “very informal” training and schooling days in fall, and a training clinic that meets public health orders is scheduled for April, she added.
The Gonzaleses and McElvain, who acquired the property in January 2015, started negotiating with their lender in March. They reached an agreement in December that puts 80 deeded acres up for sale. Another 57 acres are leased.
“Unfortunately, we were not able to reach a successful arrangement with our lender that would allow us the long-term stability to recover financially at this point,” McElvain said in a news release. “We were only able to procure some extensions to our loans.”
“Our goal and hope is we will be able to find some investors to help us hold on through this rough patch until we can put on large shows again,” Phyllis Gonzales said in an interview.
The plan is to keep the neighboring RV Park at HIPICO, which mainly serves as quarters for visiting equestrians and has limited amenities. The owners plan to upgrade the RV Park for public use year-round, Phyllis Gonzales said.
HIPICO has 13 competition arenas, including a 25,000-square-foot indoor arena. The property also has a 14,000-square-foot main barn, 9,000-square- foot show barn and three single-family homes, according to the Fay Ranches listing.