"How much each horse in the 2025 Kentucky Derby cost its owners to purchase"
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In the 2025 Kentucky Derby starting gate, only two stalls will separate Chunk of Gold from Sandman and Baeza, but the gap in their purchase prices is far wider. Sandman and Baeza were each bought for $1.2 million, while Chunk of Gold changed hands for just $2,500 at the 2023 Fasig-Tipton fall yearling sale. Together, these three horses mark the extremes of spending in this year’s Derby field.
Sandman and Baeza are the only entrants acquired for more than $1 million, though four other contenders fetched at least $600,000. On the opposite end, Chunk of Gold is a rare Derby starter with a four-figure price tag, and three other horses in the field sold for less than $100,000. The lineup also includes five homebreds—horses bred and raced by their current owners.
Sandman, the priciest horse in the 2025 field, was bought for $1.2 million as a 2-year-old. Yet while purchase price often reflects perceived talent, it doesn’t guarantee Derby glory. Last year’s winner, Mystik Dan, was a homebred. The 2023 champion, Mage, sold for $290,000. In 2022, Rich Strike pulled off a stunning upset after being claimed for just $30,000. Since 1960, 33 Derby winners have been auction purchases, and only one—Fusaichi Pegasus, who cost $4 million—sold for more than $575,000. Of the 23 Derby starters purchased for at least $1 million since 1982, only three have finished in the money.
If Chunk of Gold pulls off a 30-1 upset, he would be the cheapest auction purchase to win the Derby since at least 1960, even when adjusting for inflation. His $2,500 price tag is a fraction of the current value of an ounce of gold, which stood at just over $3,300 as of Wednesday.
“I was ready to bid up to $20,000,” former owner Chris Melton told BloodHorse. “When I got him for $2,500, I thought, ‘Uh oh, did I miss something?’ He was a little immature, but you could tell he’d grow into a good-looking horse — and he has.”
Chunk of Gold’s price rose modestly when current owner Terry Stephens privately acquired Melton’s share after a maiden victory at Turfway Park in December. Still, his cost remains well below most of the field. The morning-line favorite, Journalism, was purchased for $825,000 as a yearling. Only Neoequos ($22,000), Flying Mohawk ($72,000), and Coal Battle ($70,000) were also bought for under $300,000.
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