Proud horse show dad, Bill Gates, otherwise known as the richest man in American, has purchased a home in Wellington, Florida, close to the Winter Equestrian Festival show grounds where his teenage daughter competes each winter.

After spending $1.1 million in house rental fees the past two seasons, Gates decided to purchase a home in the Mallet Hill section of Wellington for a reported $8.7 million. The 7,230-square-foot main house is situated on four acres, which includes a show jumping training grounds and two barns with space for 20 horses.

Gates rented the same home this past January while his daughter Jennifer trained with Jack Towell, showing mostly in the Equitation and Hunter divisions, where she earned ribbons aboard several mounts including Lennox Lewis 2, Beckham, Man in Black, River Bird and Yes Indeed.

With just 13 homes in the exclusive, gated community, neighbours include New York City Mayor Michael Bloomberg and Frank McCourt, former owner of the Los Angeles Dodgers.