-Elite horses at $75,000 for teenager Jennifer Gates
-Billionaire takes 6-month lease on '8-bedroom mansion with stables for $600,000'
By LOUISE BOYLE
Expensive hobby: Jennifer Gates shows off her horse jumping skills during an equestrian show in Palm Beach, Florida at the weekend
Bill Gates has indulged his teenage daughter's love of horse riding by spending $1million on a rented mansion close to an equestrian festival.
Jennifer Gates, 15, was pictured showing off her horse jumping skills at the weekend during an equestrian show in Palm Beach, Florida.
The billionaire Microsoft founder was said to have signed a six-month lease on a palatial premises so that his daughter can compete in the event over spring break.
Bill Gates' wife Melinda and 13-year-old son Rory where also at the show to cheer on the teenager.
The family watched intently as Jennifer took part in the Winter Equestrian Festival which runs until April 1. It hosts 5,000 horses and 2,800 riders from 49 states and 30 countries.
Proud parents: Bill and Melinda Gates have spent a reported $1 million so that their daughter Jennifer can pursue her equestrian dreams
Miss Gates was competing in one of the children's jumping divisions, Equestrian Sport Productions spokeswoman Jennifer Wood confirmed to MailOnline.
It costs $45 each time to enter a division and prize money is between $1,500 - $2,000. Her father, America's richest man, was said to have rented a 7,300 sq ft house with eight bedrooms and its own equestrian facilities for $600,000. The property in Wellington, Florida is worth $12.9million.
Family vacation: Melinda Gates (left) leans in to speak to her son Rory alongside a friend and husband Bill at the Florida horse show
Although Candice Cerro, from move.com, could not confirm to MailOnline that the Gates family rented the home, she said that the listing for the property was no longer on the market.
Gates then leased four, elite jumping horses for $50,000 to $75,000 each for the girl to ride. Another $50,000 has been forked out on stables along with hiring the best trainers.
On top of this, there have been three private jet trips to ferry the family back and forth to Washington State, where their main residence sits on the edge of Lake Washington in Medina.
The Florida home has eight bedrooms, a barn, stables and horse training area and a guarded access road, according to Gawker. It also boasts a wine cellar and media room.
Concentration: Miss Gates has taken part in junior divisions at the equestrian show in Florida
Rising star: Jennifer competed in junior divisions but her father Bill has already spent approximately $75,000 on each of her horses
Thanks, dad: Jennifer Gates, 15, chats to her father Bill sitting beside the girl's mother Melinda in a golf buggy during the family day out on Sunday
Distracted: Billionaire Bill Gates takes a break from the horse riding activities to read The Quest - a book about global energy and its role in geopolitical and economic change
The Microsoft founder reportedly has an option to buy the house at the end of the lease. While his daughter was competing in the prestigious event, the Microsoft boss and philanthropist was at times engrossed in The Quest - a book about global energy and its changing role in the economy and political sphere.
The FTI Consulting Winter Equestrian Festival runs from January 11 until April 1 and sees riders from more than 30 countries compete in 70 divisions.
There are 12 competition arenas and 5,000 horses show at the three-month event.
There is $6million of prize money on offer to competitors and among the over-18 divisions, Olympic coaches closely monitor the trials for their next sporting stars.
Bill Gates is the second wealthiest person in the world, worth $62.4billion according to Bloomberg, after Mexican telecommunications magnate Carlos Slim.
Gates married Melinda French on January 1, 1994. Two years later, they had their first daughter Jennifer Katharine. Son Rory John followed in 1999 and and Phoebe Adele in 2002.
Luxury: Bill Gates is renting this $600,000-a-month mansion in Wellington, Florida, so his daughter can be near the horse show in Palm Beach
Media room: This room has a giant projector screen on the wall, along with plenty of seating
Lap of luxury: The 7,352 sq ft mansion also has an obligatory swimming pool. Gates has the option to buy the home at the end of the family's stay
Al fresco: The rental home has been leased for six months, and will allow Jennifer Gates, 15, to compete in the nearby Winter Equestrian Festival in Palm Beach