America's wealthiest man, Bill Gates is seemed to be expanding his assets. He recently acquired a 229-acre horse farm in Southern California which was previously owned by weight-loss guru Jenny Craig. Reports said that the reason for his latest acquisition is the fact that Bill Gates' daughter Jennifer is an active equestrian.

The 229-acre estate that is meant for Bill Gates' daughter is known as Rancho Paseana and is located about 20 minutes north of San Diego. Forbes reported the horse ranch features a three-quarter-mile racetrack, four 30-stall barns and a fifth barn with 21 stalls, a guesthouse, an office, an olive orchard and a veterinarian's suite. The farm was closed down in 2013 for financial reasons.

U-T San Diego reported that Bill Gates, whose teenage daughter jumps horses competitively, paid $18 million for the estate in deal that closed Sept. 12. It is considered as one of the highest prices secured for a property in San Diego County this year, where the Microsoft founder also owns a residence in the Del Mar Country Club.

According to Horse Talk, it is assumed that Bill Gates, whose daughter Jennifer is an ardent show-jumper, plans to keep the property as an equestrian facility, with local media reporting it will be operated as a competitive hunting-jumping facility.

The previous owner of the property, Jenny Craig, had used the facility for training thoroughbreds but closed the operation in 2013. She has owned the estate for almost 20 years and had advised real estate agent that the ranch be kept as an equestrian property. It is an opportunity for Bill Gates to acquire the $18 million land for his daughter Jennifer, who is fond of horseback riding.

A Gates family spokesperson confirmed the acquisition of the $18 million estate.

"The family has enjoyed visiting the San Diego area with friends and family for many years and has purchased the Rancho Paseana property in Rancho Santa Fe, California," the spokesperson said.

Before Gates acquired the estate, the previous owner Craig had been trying to sell the property long before it was shut down. She put it on the market for nearly $30 million in 2010. The price of the estate was reduced to almost $25 million before it was pulled off the Multiple Listing Service entirely in fall 2012. According to listing agent Catherine Barry of Barry Estates in Rancho Santa Fe, the ranch was not listed when it actually sold.

Craig has declined to disclose the buyer's identity but said she has lots of fond memories of her time at the ranch. However, she admitted it was expensive to maintain. She said it was time to put it behind her as she starts a new chapter in her life.

"I was happy that the buyer is someone who can afford to turn it into the showplace it was meant to be," the previous owner said. "It will be kept as a horse barn so the neighbors will be thrilled ... the person who bought it will make it like it can and should be." And lucky for her, Bill Gates intended to keep the facility for its original purpose, which is for the horses.

In 2012, Daily Mail UK reported that Bill Gates had spent close to $1 million on rental homes, elite jumping horses and private flights as his daughter pursued her dream of horse jumping in Wellington, which is also known for its polo grounds.

Bill Gates' latest $18 million equestrian estate is not his first million dollar property acquisition. The Huffington Post claimed that the business magnate had purchased a Florida home for $8.7 million.

The multi-million Southern California estate might be a surprise for Bill Gates' daughter but the software company mogul has great plans as well. Bill Gates intends to turn the horse ranch into a grand prix circuit for jumpers and hunters.