The Schofields delivered eight offspring; five males and three females. In 1841, Schofield bought three blocks of land along the Windsor Road. Unfortunately, due to falling wool prices and a general state of depression in the colony, Schofield became bankrupt in 1843. New government concessions introduced a few years later allowed Schofield to buy of land around the area now known as Schofields in 1845. In 1849, Schofield and two of his sons, William and Samuel, sailed to California in the hope of finding gold. He returned in 1850 with some gold, but their ship, the "Rosetta Joseph" struck land and became ship wrecked. Aboard life-boats and in very rough seas, the passengers were rescued at after ten days. Schofield and his sons returned to their farm with enough gold to pay off most of his debts. Just before Christmas in 1851, Bridget Schofield died. The discovery of gold in New South Wales and a rise in the economy provided Schofield with enough money to pay off his mortgage and develop his keen interest in horseracing.