Rich Listers snap up top equestrian centre for less than $30m
Paul Solomon, the stepson of billionaire toy entrepreneur and Rich Lister Manny Stul, has struck a deal to buy one of the country’s premier equestrian event centres, Boneo Park on the Mornington Peninsula south of Melbourne.
Mr Solomon, the chief executive of Moose Toys, which makes Shopkins figurines and Bluey merchandise (and other toys), will acquire the 318-hectare property at Boneo with his equestrian-loving wife Georgia through their family office Duncraig Capital.
The pricing has not been disclosed, but it is understood to have sold for less than the original $30 million asking price.
Situated between Rye and Rosebud at the southern end of the Mornington Peninsula, Boneo Park has hosted some of the country’s most prestigious equestrian events, including the Australian Jumping Championships, the Australian Dressage Championships and the Australian Young Rider Dressage Championship.
The property is spread across 12 titles along Boneo Road, and includes full-service equestrian and agistment facilities, an extensive powered campground and a newly built restaurant, cafe and function centre.
There’s also about 200ha of wetlands, woodlands and grassland, which are protected from development under a Trust for Nature conservation covenant.
Boneo Park was developed out of swampland and “weed-infested” grazing land about 17 years ago by Rob McNaught, founder of trekking company Peregrine Adventures (which he sold in 2005 and is now part of Intrepid Travel).
“I bought a 700-acre swamp, but didn’t know what do with it,” Mr McNaught told The Australian Financial Review in February last year.
“My daughter Fiona said, ‘Just build an equestrian centre, Dad’, and that’s how it started.”
Last year, aged 77, Mr McNaught decided it was time to move on and put Boneo Park up for sale.
In January this year, a sale to tourism, leisure and sports facility developer QLV fell over after which Tom Butler from Nash Advisory took over the campaign and secured the deal with Duncraig Capital.
Although there had been interest from buyers considering a change of use to a caravan park, entertainment centre and golf driving range, Mr Butler said retaining Boneo Park as an equestrian centre was the best outcome.
Ms Solomon, a regular competitor at Boneo Park, said she and her husband were “passionate horse enthusiasts” who would “continue the legacy of Boneo and ensure its ongoing success”.
“Our team is committed to enhancing the facility’s equestrian capabilities while preserving its natural beauty, including the pristine wetlands and Moonah woodland, for the community,” she said.
Mr Solomon, who joined his stepfather at Moose Toys in 2001 and played a key role in building relationships with US department stores that proved crucial to its global success, set up Duncraig Capital with his wife in 2019.
Their family office oversees a multi-asset investment strategy with a strong focus on real estate.
The acquisition of Boneo Park has settled, and the sale included an 18-month leaseback to the McNaught family as part of a transition of ownership arrangement. Duncraig will officially take the reins in 2026.
Current staff members will retain their roles, and Blue Mini, a local hospitality provider, will continue to operate the venue’s casual dining restaurant and café, Arilla.
