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."