Calumet Farm passed to a widow for life, then to a grandson-in-law who ran up $127 million in debt and went to prison

Warren Wright Sr. died in 1950. His will gave his widow, Lucille, oil and gas properties and control of Calumet Farm for her lifetime; on her death 50 percent was to go to his son Warren Jr., 30 percent to Warren Jr.'s children and 20 percent to charities. Lucille, later Lucille Wright Markey, died in July 1982. J.T. Lundy, who at 21 had married her 16-year-old granddaughter Cindy Wright in 1962, became president. Over nine years Calumet ran up $127 million in debt, much of it backed by the stallion Alydar. On 13 November 1990 Alydar fractured a leg in his stall and was put down two days later; he was insured for $35 million. In spring 1991 the farm had $400 in the bank and $40 million due. Lundy resigned, and Calumet went into bankruptcy. Henryk de Kwiatkowski bought it at a 1992 bankruptcy auction for $17 million. In 2000 a federal jury in Houston convicted Lundy and the farm's lawyer, Gary Matthews, of conspiracy, fraud and bribery over $65 million in loans from First City bank obtained with a $1.1 million bribe. Lundy got four and a half years and was ordered to repay $20.5 million to the FDIC. Judge Sim Lake called Alydar's death "suspicious" but said he could not conclude Lundy was responsible. Lundy was released in January 2005 and died on 27 December 2023. Brad Kelley's Calumet Investment Trust bought the farm in 2012 for about $36 million.