Additionally, two of Wolfson sons, Steve and Gary, bred It's In The Air, American Co-Champion Two-Year-Old Filly in 1978, in the name of Happy Valley Farm. Wolfson tried to buy Louisville's Churchill Downs—home of the Kentucky Derby—for $46.1 million in 1985, but was unsuccessful. In 1992, Louis Wolfson was inducted into the Horsemen's Benevolent and Protective Association Hall of Fame. His second and final marriage was to Patrice Jacobs, daughter of Hall of Fame trainer Hirsch Jacobs and Ethel D. Jacobs. Wolfson married twice. His first wife, Florence Monsky, died in 1968 from cancer. His second wife was Patrice Jacobs whom he remained married to until his death. Wolfson succumbed to Alzheimer's disease and colon cancer on December 30, 2007, in Bal Harbour, Florida. He died at age 95 on his 35th wedding anniversary to his second wife. He had four children, including son Marty.