Peterson: A Kentucky Derby win would be a dream come true for Ankeny’s Dennis Albaugh

This back story is almost too good to be true. If an Ankeny-owned horse wins Saturday’s Kentucky Derby, the owner says he’ll buy that classic car he’s been eyeing.

That’s right, another classic car (his 190th) for the man who probably has everything − except his most coveted bucket-list wish of them all.

“Winning the Derby – that’s easily No. 1,” Dennis Albaugh told me from Louisville this week.

Easily? Knowing Albaugh is a big-time supporter of Iowa State University athletics, I didn’t even hesitate in asking the next question: Which would be bigger to you, winning the Derby or the Iowa State basketball team winning the national title?

More: Can Angel of Empire make history as the third Pennsylvania-bred Kentucky Derby winner?

“Interesting you ask,” Albaugh responded, barely allowing me to finish asking. “That’s a hard one. I’d have to say the Derby.”

He quickly added that Cyclones men’s basketball coach T.J. Otzelberger, a longtime Albaugh family friend, is joining them at Louisville’s famed Churchill Downs for Saturday’s 5:45 p.m. CT post (NBC-TV).

It’s Derby Week, and that’s always a big occasion for Iowa horse owners. Albaugh has had previous Derby entries. Des Moines attorney Jerry Crawford’s Donegal Racing has had horses race in what’s generally considered the most prestigious horse race in the United States.

This year, Albaugh Family Stables has three chances to win − Angel of Empire was the third betting favorite (8-1 odds) after Tuesday's post draw, and Jace’s Road was 50-1. Albaugh learned Thursday that Cyclone Mischief had been added to the field, after Practical Move was scratched.

“I’m as nervous as anyone can be,” Albaugh said during our Tuesday afternoon phone conversation. “I wish the race was today.”

Albaugh owns a billion-dollar international pesticide company headquartered in Ankeny. He owns the racing stables. He owns more classic cars than most people can imagine. He has a private golf course called Talons of Tuscany, just off Interstate 35 in northeast Ankeny. And now, he has three horses running in the Kentucky Derby.

Just having multiple Derby entries would be enough to get anyone excited, but to have one of the horses be among the favorites?

“I’m on pins and needles,” Albaugh said amid the buzz at the track and while doing a million other things.

More: Angel of Empire jockey, trainer and owner: What to know about Kentucky Derby 2023 horse

That’s big stuff, no matter how you slice it, and get this: The tires on one of Albaugh’s classics probably cost more than what he paid for Angel of Empire.

Is $70,000 actually what you paid for a horse that legitimately can win the 149th running of the Derby?

“I don’t like to talk about money, but, yeah, you could say something like that,” Albaugh said. “It was a very good buy.”

Angel of Empire was purchased at the 2021 annual Keeneland September yearling sale. The horse was purchased on the sale’s second day – well after the supposed premier horses were sold.

Son-in-law Jason Loutsch is one of Albaugh’s seven horse evaluators, as well as the Albaugh Stables’ racing manager. They had already bought one horse at that sale, “but we felt like we needed more,” Albaugh said.

More: Jace's Road jockey, trainer, owners: What you should know about Kentucky Derby 2023 horse

They looked for a long-legged prospect with a long neck. The horse had to be able to run long distances.

They got a bargain. The average purchase price of Saturday’s field was $530,000 per horse. To date, Angel of Empire has earned $1.07 million in six starts.

“You can’t go out and buy your way to the Kentucky Derby,” Albaugh said. “You’ve got to have a lot of talent, too. And maybe even a little luck along the way.”

The second-day purchase price was so modest, relatively speaking, because Angel of Empire was bred in Pennsylvania, while typically the best horses are Kentucky-breds.

“He didn’t look like a great horse,” Albaugh said. “We didn’t let that scare us off. Maybe that’s why we picked him up at that price, but he fit what we were looking for. That’s what counted for us.”

Sounds like what a coach does when recruiting players for high-level college sports teams − like that coach who will be hanging with the Albaughs on Saturday at Churchill Downs.

“One of the greatest joys in life is being happy for the successes of others,” Otzelberger told me. “I’m extremely happy for Albaugh Stables. I couldn’t be more ecstatic for Jason and Dennis.

“It’s an honor to tag along to the Derby with them.”

And if Angel of Empire wins?

“Bucket list,” Albaugh said.

And another addition to his car collection.

Iowa State (and occasional horse-racing) columnist Randy Peterson is in his 51st year writing sports for the Des Moines Register. Reach him at rpeterson@dmreg.com, and on Twitter @RandyPete

This article originally appeared on Des Moines Register: Kentucky Derby favorite Angel of Empire owned by Iowan Dennis Albaugh