Spendthrift Farm are set to discontinue their breeding operation in Australia, placing their Victorian property for sale.

Spendthrift launched their Australian venture in April 2015 when late owner B. Wayne Hughes, who purchased the business in 2004, oversaw the acquisition of Yallambee Stud, a 600-acre farm at Romsey.

Hughes died in August with new owner Eric Gustavson, whom worked alongside Hughes since 2004, deciding to cease their Australian business.

"This has been a very difficult decision for us. We have a wonderful team in Australia and will be working closely with them to help make this as smooth a transition for them as possible," Gustavson said in a statement on Wednesday.

"The Thoroughbred industry in Australia is one of the finest in the world, and we have great respect for the job they've done in building it. We've been fortunate to meet so many amazing people there and have very much enjoyed the experience."

Spendthrift Australia's stallion roster included Overshare, Swear, Gold Standard and Dirty Work whilst shuttling stallions such as Omaha Beach and Vino Rosso. The business owns approximately 50 broodmares, along with their foals and yearlings, and is the naming rights sponsor of Werribee racecourse.

Spendthrift's United States general manager Ned Toffey said: "We want to thank all of our staff in Australia for their hard work over the years. We have made it a point at Spendthrift to branch out and try new things. Naturally, not every idea is going to work but I will guarantee you we will continue to take that approach."

Racing.com