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Horses aren’t necessarily the first thing you think of when Under Amour is mentioned. However, the billionaire CEO of the sportswear giant, Kevin Plank, is asking for $22 million for his equestrian property located outside Baltimore, according to The Wall Street Journal.

The home has some serious blue-blood pedigree, as the Vanderbilt family formerly owned it. Known as the Sagamore Farm, the 400-acre property sits about 20 miles northwest of Baltimore — where the athletic-wear company is based. Comprising a 16,000-square-foot main house with six bedrooms, the property was a functioning equestrian farm until 2021 and still retains its horse training and breeding facilities.

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“That’s a business you don’t want to be in unless you’re in it all the time,” Plank told The Journal of his decision to stop the farm’s horse racing operations. 

A Net Worth Of $1.1 Billion

Plank, who is worth $1.1 billion, bought the horse farm in 2007 as an investment and to raise horses to compete in Triple Crown races. He actually lives 10 miles away in the Timonium area. He used the farm for horse training, as a guest house, and for company retreats. Though Plank didn’t reveal his purchase price, he has undertaken extensive renovations on the property since purchasing it. The Vanderbilts sold the home in the 1980s when it ran into disrepair. After buying the property, Plank added a conference room and commissioned a mural of Native Dancer, the Vanderbilts’ famous racehorse.

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From A 23-Year-Old College Athlete To A Mogul

Plank founded Under Armour in 1996 as a 23-year-old former college athlete and was the CEO until 2019, growing it to a $5 billion business after years of struggle. Its first product was a fitted T-shirt called “The Shorty.” As the company’s name suggested, it was designed to be a moisture barrier worn by competitive athletes beneath their jerseys to help keep them dry.

At one point, Under Armour was touted as a possible rival to Nike. However, in recent years, the company has struggled amid fierce competition. Its stock has plunged 88% since 2015. A series of CEOs followed Plank when he stepped down in 2019, only to return in 2024 to try to stop the decline in sales. 

“When Under Armour was growing at 20% plus numbers, people saw it as a legitimate competitor to Nike,” David Swartz, senior equity analyst with research firm Morningstar Inc (NASDAQ:MORN) told CNN last year.

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Too Many Products

“It was like On or Hoka but 10 years ago. It was the upstart athletic brand that was making real inroads against Nike, the dominant name in the industry. People saw it as a company that actually could break through and take market share from Nike among the hardcore athletes,” Swartz said. “That actually did happen for a while, but then that didn’t last.”

Upon retaking the reins at Under Armour, Plank told analysts last May, “We are simply doing too much stuff. There are too many products and too many initiatives. To reconstitute this brand, we must be highly focused and prioritize what needs to get done so that our teams know exactly what to do with a clear definition of success for them.” He added, “With several CEOs and heads of product marketing in North America over the past half-decade, ongoing turnover of critical leadership has been central to our inability to stay agile and decisive.” 

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This article Under Armor CEO Kevin Plank Lists Maryland Horse Farm For $22M. Here's How The Sportswear Billionaire Made His Fortune originally appeared on Benzinga.com