Found this but it may have been penned before Smith purchased Master Minded:
"Smith, 59, is a racehorse owner for over twenty years. He set out to acquire a top class chaser in 2004 and his original target had been Garde Champetre. He bid some €560,000 for this horse but JP McManus topped Smith’s offer by €60,000 and in doing so, set a record for the most expensive National Hunt horse ever purchased. Through his bloodstock agent, Anthony Bromley (who is also responsible for the procurement of Binocular, Albertas Run and Celestial Halo), Smith parted with €400,000 for Kauto Star, following a recommendation from Paul Nicholls who saw clips of the horse running in Auteuil where he was a Grade 3 winner over hurdles."