Sounds like you are not in a hurry which is a great position to be in. On the selling side anyone who can wait will be waiting for spring anyway so it's best to give it another month or two for the weather to improve.
I think the 'cheap' is a red herring. There are loads of cheap TBs and quite a few cheap other breeds at the moment as people are desperate to get rid of horses they can no longer afford.
'Cheap' is also misleading in the case of a horse that rears. If you do take on a horse with such an issue the first thing you would have to do is get the vet out to exclude a physical cause to his problem. You may uncover nothing, in which case you still have a potentially very dangerous behavioural issue, or you may find a physical cause some of which are very debilitating and require lengthy and costly treatments.
The question for me would not be 'shall I buy this horse?' but 'why this horse and not some other one?'. How many horses have you viewed? What do you want to do with your horse? Why does this seem particularly well suited to your purpose in comparison with others out there?
Well - there's no such thing as a cheap thoroughbred (speaking from bitter experience). They can cost more to feed, can have crap feet and can be heavy on the vet. Having said that I love them to bits and would def go and see. A plus side is that they generally box, shoe, clip and behave well in the stable having seen so much.
On a more cautious note my ex pointer reared with me out hunting - he wanted to go one way with the hounds and I wanted to go home - right up, we almost hit the tip over point and it absolutely terrified me. I've ridden for more than 40 years, since I was very small and had experience on all sorts of horses, including ones that have reared, but that was the closest I've come to go over and it scared me. I have been somewhat wary of him since and it's not an experience I would like to repeat - I now turn him in small circles if I think he's losing patience which stops him, but it's not much fun. If you are happy to deal with it then that's fine - but it is dangerous.....
Definitely have a look. I bought one Mine had raced from age 4 to 16 I searched his history and it was amazing, he'd been ridden by Richard dunwoody at one point. He was my horse of a lifetime, despite having been bar fired. 110% in traffic, you could do anything with him without holding him (clipping, shoeing, injecting) and I happily plonked a child on him. Jumped like a stag (ex chaser) He was PTS age 22 with cushings and I miss him everyday
Price wouldn't be a worry so much, but definitely get his legs (and back) checked. Ideally get the legs scanned for possible tendon or ligament damage. Looking at his race record, he didn't earn a lot, so probably why he was retired.
He seems to have been evented from 2009 to 20011 (only up to BE90 looking at the British Eventing site )but I can't find any competition record past that date. There are a few retireds on the eventing history and it would be interesting to know if there have been many since, and why.
That said, ex-racers really can make really nice riding horses, so, pending the discovery of any major injuries and depending on 'rear' factor I'd say go for it.
There are lots of cheap - or free - ex racehorses around either direct from trainers or rehomed from retraining centres.
As Makingitup says he was originally owned and trained by Jim Bolger who bred him from a stallion, Lil's Boy, that he had owned and trained himself.
He wasn't much good so they sold him to Brendan Duke who used to train here but now lives back in Ireland.
He ran poorly in a couple of hurdles so they put him back on the flat in 2008 as a 4yo. He did managed to be placed four times in a row on the all-weather in the early Spring of 2008 - from 7 furlongs to a mile.
He was 2nd once - only beaten a neck at Wolverhampton - but never actually won. His last run was at Salisbury for a girl apprentice in May 2008.
During his racing career he wore cheek pieces, blinkers and a tongue strap so they did everything to try and get his head in front!
He is 9 now and Racing Post doesn't have any record of him going through the sales ring. He is a half-brother to three winners.
I'd be a bit worried about the rearing.
Jim Bolger is indeed a genius of a trainer but Sea The Stars was actually trained by John Oxx.
Maybe. Racing is bloody hard on them though so that would be my worry, tendon issues and the like. But he might be great, it's a gamble. Rearing spooks me a bit, they can buck all they want but rearing can so easily turn nasty.
Definitely get him checked by a vet and I would insure him at least for the first year in case their are hidden problems which could turn out costly.
Many ex-racers go extremely cheaply, sometimes just for free (matter of phoning round the yards, most owners rather have them going to a nice home than the butchers).
I personally would look for one who doesn't rear, but that is because some do go over, which clearly is very dangerous. Plus at the moment there are so many who will be off loaded, that you will easily get another TB (really just pick up the phone and ask racing yards if they have any horses the owners are planning to dispose of).
And some of the ex racers I've sold at ascot sales have been brilliant rides, and sound just useless at racing or heart not in it and have only made 300, lowest bid. Gone to nice private homes, and 2 went to play polo. So I would go for it personally if he is sound, if he's not and you want a TB- look at redwings and great wood. They are fab