HispanicBusiness

The Venezuelan multimillionaire who owned the 21 polo horses that mysteriously collapsed and died in Florida on Sunday is one of the richest men in South America.

Victor Vargas is the 57-year-old owner of Banco Occidental de Descuento and a member of the team, called La Lechuza Caracas.

In early 2008, he was quoted in the Wall Street Journal saying, "People write stories about me saying I have a Ferrari, a plane, a yacht. But it's not true. I've got three planes, two yachts, six houses. I've been rich all my life!"

Yet on Sunday afternoon, at the International Polo Club Palm Beach, Vargas was reportedly in tears as he held the dying animals.

The Associated Press on Monday reported that the deaths may have been caused by a toxin in the animals' food. A veterinarian said it could take weeks to determine the cause. It's unlikely the toxins were from performance-enhancing drugs, the Palm Beach Post reported.

Though owned by Vargas, most of the team hails from Argentina.

Vargas is reportedly close to Venezuelan President Hugo Chavez, and has said that he considers himself a socialist, despite his vast wealth.

In the 1980s he purchased 20 percent of New York-based CapitalBanc Corp., according to the Journal article. The deal went sour in the early 1990s, and several executives were arrested on charges of fraud. Vargas was not accused of fraud, but paid a fine and called his involvement with the venture was naïve, according to the article.

A blogger whose link is prominently posted on the Web site of the Palm Beach Daily News said Vargas hopped on a plane and flew overseas after the incident on Sunday.