Kriti Mehrotra
While there is no shortage of the rich and quirky in the world of horse racing, Michael and Jules Iavarone do stand out with not only their flamboyant personalities but also their loud fashion choices. This is even evidenced in Netflix’s ‘Race for the Crown,’ through which we get a deeper insight into the industry through the eyes of owners, trainers, and jockeys alike. However, the ever-present glitz and glamor surrounding the Iavarones only made us all the more curious about them, their career trajectories, and their overall wealth.
How Did Michael and Jules Iavarone Earn Their Money?
Having grown up with virtually nothing in New York, Michael Iavarone was determined to build a good, comfortable, stable life for himself from an early age. Therefore, he worked hard to graduate from college and then found himself on Wall Street after having applied for a job that said, “Earn a million dollars in your first year.” He reportedly had no idea what he was walking into at the time, but he did his best to climb the corporate ladder and now credits his initial years as an investment banker for affording him the chance to pursue all his ambitions. Michael was admittedly just 15 years old in 1985 when he attended his first race with his father – the second Breeders’ Cup at Aqueduct Racetrack – leaving him in awe of everything it represented.
Once he’d had enough success, Michael decided to begin dabbling in this sport, with his first horse in 2002 reportedly being a $750,000 New York-bred gelding, Toddler, who finished fifth at Belmont Park. A mere year later, he decided to go all in on this business by establishing the International Equine Acquisitions Holding (IEAH) in Garden City, Long Island. IEAH was essentially Michael’s hedge fund for horses since it was a thoroughbred horse racing stable that provided him with the opportunity to provide and train the horse he deemed winning. It is through this endeavor that he came to own Big Brown, the horse that won him not only the prestigious Kentucky Derby but also the Preakness Stakes in 2008 – two of the Triple Crown races.
Little did anybody know that through IEAH, Michael would then help launch a state-of-the-art equine medical facility near Belmont Park called the Ruffian Equine Medical Center in 2009. It is no secret that horses often get injured a lot during or just prior to these races, so this medical center was undeniably significant, yet it ended up closing its doors in 2011 owing to financial issues. This hospital was later re-opened by Cornell University under the name Cornell Ruffian Equine Specialists in 2014, but by this point, neither IEAH nor Michael seemingly had any hand in it.
In fact, the once proud race horse owner had decided to step away from the sport in its entirety because his stable had wound up in some legal troubles owing to his primary investor. Michael was never once arrested or charged in connection with the investment adviser and securities fraud that was committed by investor James Tagliaferri, but his reputation did take a hit. Hence, he decided to return to the security industry, where he subsequently earned such success that he couldn’t help but take the risk of trying his hand at race horse ownership again. In 2017, having already tied the knot with the love of his life, Julia “Jules” Iavarone, they chose to re-enter this sport as a hobby, unaware it would soon turn into one of their biggest investments.
“When I left the sport, I had decided that syndicates were not the way to go for me,” Michael candidly said in 2024. “It required too many decisions for the best interest of everyone else but the horse… I told myself that if I ever got back into the game I would own the horses myself or own them with maybe one or two people that were very knowledgeable and would put the best interests of the horse first.” Since 2017, that’s precisely what he has been doing, resulting in him getting quite a lot of success over the years, not only in the Derbys but also the Pegasus World Cup. However, Michael maintains that he is a racehorse owner as a hobby and that his primary career is as an asset manager.
Michael and Jules Iavarone’s Net Worth
Considering all that Michael and Jules have established over the years, it goes without saying that they have managed to build a more than comfortable life for themselves. After all, not only are they racehorse owners but the former is also a professional in the finance industry, whereas the latter is a public figure who is quite into spirituality and style. That’s why, whenever these Miami, Florida, residents are not working, they can actually be seen traveling in their private jet, taking luxurious vacations, going on extravagant night outs, or hanging out with friends on a yacht.
From what we can tell, Michael and Jules currently own at least nine horses, either entirely or in part, which they hope will help them continue garnering success in the industry. The horse Big Brown’s earnings were roughly $3.5 million throughout his career, and the former likely bagged at least 40% of this sum, so we can only imagine what a successful horse now earns him. With this, along with all his other possible investments, Jules’ career, their opulent assets, lifestyle expenses, and possible returns, we estimate their net worth to be close to $25 million.
Read More: Katie Davis: Where is the Jockey Now?
