2017 Pony auction: Last buy-back pony goes for $9K

After a successful Chincoteague Pony Swim on Wednesday comes this morning's auction.

The auction serves two purposes: It helps control the population of the herd on the island and it acts as a fundraiser for the Chincoteague Volunteer Fire Company.

All horses — more than 60 this year —  are checked before sale and given a health certificate. 

The fire company uses some of the proceeds from the auction to provide veterinary care for the ponies throughout the year. Money raised from the sale of "buy back ponies" is donated to a chosen charity.

Around 8:15 a.m., the announcer laid down some ground rules for the auction: All buyers must be able to pay for their ponies once the auction is complete and buyers must be equipped with an approved trailer.

The upside is that winners get a goodie bag with pony purchase.

The first pony, a Palomino colt, sold for $4,200. Chincoteague Legacy Group won the first buy-back pony of 2017 for $8,400.

Second buy-back foal to benefit the Kiwanis Clubs sells for $7,100. Buy-back foal #5 went to Chincoteague Legacy Group for $15,000.

With 10th pony sold, prices are averaging $3,400 a foal. 

Chincoteague Mayor Arthur Leonard placed winning bid on last buy-back colt of this year's auction.

Organizers said they have reached record sales with the 55th pony sold today. Last buy-back pony sells for $9,000, closing out record-setting auction.

MORE 2017 PONY PENNING COVERAGE: Pony Swim's early start time doesn't deter large, eager Chincoteague crowd