In February 1926, the stable recorded its first win and that year purchased the yearlings Diavolo and Dice from breeder Harry Payne Whitney.
Nevertheless, his performance earned Wheatley Stable its first racing award when he was voted U.S. Champion 2-Year-Old Colt.
The Wheatley Stable bred and raised its horses at Claiborne Farm near Paris, Kentucky.
Famously, in 1933 Wheatley Stable bred Seabiscuit but sold him early in his three-year-old season.
They also bred Bold Bidder, U.S. Champion Handicap Male Horse for 1966 and the sire of Hall of Fame colt Spectacular Bid.