Mark Bellissimo sues Wellington International's owner to control sale of horse showgrounds

WELLINGTON — The future ownership of Wellington International, the venue home to the annual Winter Equestrian Festival, is tied up in a lawsuit between Mark Bellissimo and a European investment firm.

Global Equestrian Group, which bought Wellington International from Bellissimo almost three years ago, is trying to sell the showgrounds along Pierson Road. But now, a Bellissimo-owned company is suing to prevent the sale and buy it back.

Bellissimo filed the lawsuit in Palm Beach County Circuit Court. No hearings had been scheduled before Circuit Judge Scott Kerner as of Thursday, May 9.

If the judge sides with Bellissimo, his company would have the first right to buy Wellington International. If not, the Denmark-based Global Equestrian Group (GEG) will go ahead with the sale of the showgrounds. Such a move could complicate the joint operations with the new horse center under construction on 144 acres directly south of it.

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Daniel Rosenbaum, an attorney representing WI FL Acquisitions LLC, said GEG had failed to deliver on commitments that it would invest in Wellington International and its expansion. He said Bellissimo, an entrepreneur who oversees the horse winter show, didn't seek to regain ownership of the venue to keep it, but rather to sell it to a long-term player.

"The right of refusal allows them to protect Wellington's Equestrian Industry by ensuring that Wellington International is owned by a long-term well-capitalized owner with a commitment to invest in the future," the lawsuit states.

Rosenbaum added the lawsuit would not stall the progress in the development of new showgrounds by Wellington Lifestyle Partners, another Bellissimo-related company, that will replace the Equestrian Village venue along South Shore Boulevard.

Attorneys for GEG have not responded to the lawsuit and were not immediately available for comment.

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Bellissimo: I have right of first refusal to buy Wellington International

WI FL Acquisitions LLC filed the lawsuit on March 25 arguing GEG had violated a 2021 sale agreement by putting Wellington International on sale, alleging it had bypassed its first right of refusal.

In 2021, GEG entered an agreement with Wellington Equestrian Partners (WEP) to buy the showgrounds, formerly known as Palm Beach International Equestrian Center, and its affiliate companies that own the land, operate the horse shows, and hold the licenses for competitions.

The lawsuit says WEP sold Wellington International to GEG because it would hold all equestrian assets for five to seven years and its parent company, known as Waterland, would make a significant investment from its "multibillion" fund to "enhance and expand Wellington's Equestrian Venues."

WEP negotiated two key elements in the deal: A 50-year deed would be placed on Wellington International to ensure it remains as showgrounds. Also, Bellisimo's team would have the first option to acquire the asset in any event of divesture, including its sale.

Nicklas Guldberg, Waterland's investment director, told Bellissimo in the fall of 2023 that it had engaged with investment banker William Blair & Company LLC to facilitate the sale of Wellington International. The lawsuit alleges Guldberg said he would "intentionally structure a transaction to bypass" that right of first refusal.

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Lawsuit alleges Global Equestrian Group broke series of promises

The lawsuit also alleges GEG "knowingly misrepresented" its financial ability to Wellington Lifestyle Partners and other Bellissimo partners by failing to fulfill the purchase of 144 acres and paying for the rent of competitive licenses it leased.

In 2022, GEG signed an agreement to "deposit" $1 million in exchange for the 114 acres to expand Wellington International and consolidate all competitive disciplines hunters, jumpers and dressage in one venue, according to the lawsuit. It would also design and construct a "state-of-the-art equestrian facility" with a derby field, nine rings and two covered arenas.

Three months later, Wellington Lifestyle Partners submitted a proposal to develop The Wellington North and South, two luxury communities in Wellington's equestrian preserve. The project included creating a new showgrounds and would require the removal of 96 acres from the preserve, something the village had never allowed before.

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The lawsuit says that in June 2023, less than two years after the sale, Kasper Kristian, the former CEO of Waterland, told Bellissimo that GEG would sell Wellington International as the company had defaulted on its loans with its primary lenders and was no longer able "to purchase or lease any land or make any material commitments to expand the business."

As a result, WLP was "forced" to incur a substantial expense and investment for the new showgrounds to win approval for the project by the Wellington village council, the lawsuit says.

GEG had also leased U.S. Equestrian Federation licenses from Bellissimo for hunters and jumpers to compete in Equestrian Village, a facility Bellissimo owns along Pierson Road. But according to the lawsuit, GEG stopped paying rent and owes $1.2 million. Bellisimo agreed to allow GEG to host the horse shows until June or October of this year.

Valentina Palm covers Royal Palm Beach, Wellington, Greenacres, Palm Springs and other western communities in Palm Beach County for The Palm Beach Post. Email her at vpalm@pbpost.com and follow her on X, the platform formerly known as Twitter, at @ValenPalmB. Support local journalism: Subscribe today.

This article originally appeared on Palm Beach Post: Wellington International horse showground owner sued by Bellissimo