An award-winning writer chronicles the tragic story behind the downfall of horse racing's crown jewel.

Founded in 1924 by Chicago mogul William Monroe Wright, Calumet Farm was to the world of thoroughbred racing what the New York Yankees are to baseball -- a sports dynasty. The stable bred so many superstars that it became the standard by which all achievements were measured in the horse racing industry. But during the 1980s, a web of financial schemes left Calumet destitute.

Wild Ride is Ann Hagedorn Auerbach's investigation of the fast-track,...