It is fair to say that Sam Lyons and the Grand Syndicates team knew that they were punting a long shot when they picked out a daughter of stallion Soldier's Tale as the flagship runner for their new syndication business.
But all good racing stories have to start somewhere, and for Grand Syndicates Khutulun was step one.
"We put her into work with Luke Oliver and we never thought she was any good, everything pointed to her being pretty slow," said Lyons.
"But Luke got her through to the races and we went to Kyneton for a 1200 metre maiden. She was $3.80 to $8 and sat out three wide without cover and just ran right away from them.
"I remember looking at Luke a little shocked saying, OK, maybe she can gallop!"
Over the next three seasons Khutulun has become the flagship horse for Grand Syndicates, which as the name suggests, syndicates horses for between $1000 and $2000 a share with a fixed price fee structure, making it an appealing first step for many first time owners.
Earning nearly $400,000 in 36 starts and landing an important stakes placing in the Lord Stakes last Boxing Day, Khutulun has certainly fared better than her sire Soldier's Tale which was such an abject failure at stud that he was gelded and returned to the UK where he lives in a paddock in former trainer Jeremy Noseda's farm.