I should point out a few things to make that a bit fairer in comment.
That particular horse was bought earlier last year for $11k as a weanling. It was then on sold for $30k to the syndicate company. They have followed the correct syndication requirements to come up with their price which includes agistment and breaking in etc to March 2008. It also comes with a 'valuation certificate" of $40k.

Now my point > I believe a horse's value is what someone has paid or is prepared to pay in an open environment. That open environment was an auction where the horse sold for $11k. << that to me is its true value. Now because you are paying for the horse right up to the following year you need to determine what its worth then as a yearling, broken in, agistment etc etc. Ive done this in the last few yrs myself with a foal. Lets first start with the horses value with no majour change in winning progeny as afar as the sale page would look. $11k > $25-$30k at the very best. If you add agistment at even the best of lodges you would pay around $25per day for 365 days = $10k if you wanna go further. thats now $35-$40k, add breaking in, insurance and travel and this horse wouldnt be worth more then $42,500. Again the asking price is $66,000. The training bills that include everything, well wheres the change if not everything was needed that month....there is none = more overs. At the end of a horses racing career you can almost afford another horse running for you if everything you pay was cost price only.