The farm operation, originally began on Vince Road in Nicholasville, Kentucky in April of 1989. It was later named Elkhorn Falls Farm and operated in Midway, Kentucky from 1991 until moving to its current location in 1999. Farm owner, Kara L. Harrison-Tucker, decided to change the name after moving in 1999. Since the farm was no longer located on Elkhorn Creek, Kara felt the history and beauty of Colby Road in Clark County was worthy of remembering through the farm namesake. Until moving to Colby Fields, Kara operated with about 50% of the horses serving Thoroughbred racing purposes, 30% existing in isolation for exporting or importing purposes, and the other 20% constituting business related to her years with sport horse breeding and showing.
In 2000 Ben Tucker joined the farm as a partner. Ben and Kara were later married in January of 2003. Ben brought along a lifetime of experience with Thoroughbreds. His truly gifted horsemanship has been a huge compliment to the existing operation and a valueless asset. Ben brought a significant owner following with him in 2000 making it reasonable for the farm to narrow its focus toward the breeding and racing of Thoroughbreds, which is still its main focus today.