Owen Glenn to buy into Bax thoroughbred business

Monaco-based logistics magnate Owen Glenn is set to buy model Kylie Bax's share in her family thoroughbred business Blandford Lodge.

Mr Glenn will become a neighbour and joint venture partner of Ms Bax's parents, Graham and Helen-Gaye Bax, when the deal is finalised shortly.

Mr Glenn declined to comment on the purchase price, but said he had about $10 million to spend on horses to stock the lodge.

"It's a grand old place," Mr Glenn told NBR. "We're going to spruce it up and bring it back to its former glory."

The target is 50-60 broodmares, which would roughly double the lodge's current production, Mr Bax said.

Mr Glenn also plans to keep pursuing his racing interests - he owns stakes in 27 horses - as well as the breeding side of the business through Blandford Lodge.

"I'd love to win the Melbourne Cup and the Slipper," he said. "Who wouldn't?"

He is considering offering sponsorship to some of the Matamata races to "bring more life back into the Matamata racing scene."

"There's some nice people in the area that are very loyal to the horse business," he said. "I'm looking forward to getting into that community."

Mr Glenn is planning to build a country home on the Blandford Lodge property, just across the driveway from the Bax homestead.