Foxcatcher Farms, Inc., was incorporated in Delaware on April 1, 1927, for the purpose of breeding, training, racing, and selling Thoroughbred horses. The corporation rented a breeding farm known as Walnut Hall (near Boyce, Virginia) from William du Pont, Jr., which he purchased at the beginning of 1927. The corporation also rented dirt and steeplechase tracks located on du Pont's property known as Foxcatcher Farms, near Newtown Square, Delaware County, Pennsylvania. The corporation started to do business in Virginia in December 1927 (letter to Commonwealth of Virginia State Corporation Commission, March 28, 1928). William du Pont, Jr. was the company president and sole stockholder; G. Dudley Gray was secretary.

At a directors' meeting on November 16, 1932, it was decided to sell Thoroughbred stock at a public auction held at the Walnut Hall Farms breeding stables due to the company's financial difficulties. The company ceased business on December 31, 1932, while the Thoroughbred horse breeding and racing business of du Pont continued as a private enterprise under the name of "Foxcatcher Farms."