Harry Meyerhoff, a successful real estate broker, owned Spectacular Bid along with his wife, Teresa, and his son, Tom, under the stable of Hawksworth Farm.

Harry got his start in racing with his brother Robert in the early 1960s. They found success with Ecole Etage, who ran fourth in the Preakness in 1973. They parted ways the next year, and Harry met Teresa at a bar in Maryland a few years later; they married, and with Tom, his son from his first marriage, they formed a partnership, buying bargains at horse sales and making money racing them. They bought Spectacular Bid in 1977 for $37,000.

Being outsiders from Maryland, they were shunned by the horse racing establishment but continued racing Bid throughout his 4-year-old season, making him the richest Thoroughbred of all time. Unlike their trainer, Bud Delp, they preferred jeans and sweaters over suits, opting to dress up only on race day. TheĀ Washington Post called Harry “the most laid-back millionaire to own a Thoroughbred.”