The colt was presented by Segenhoe Stud farm before being landed by US-based Spendthrift after a fierce battle between bidders.

It became the record-holder for a first season sire representative sold at auction in the country.

Segenhoe general manager Peter O’Brien said the colt had a massive amount of interest from potential buyers around the world.

“We were fortunate enough to produce as good a looking horse as you would find,” he told the Hunter Valley News.

“It’s been one of the most popular in terms of interest from buyers in all my time of selling horses.”

Mr O’Brien believed the colt’s all-round quality was crucial to them fetching such a significant sum at the auction.

He was also thrilled with Spendthrift’s decision to allow it to race in Australia under the guidance of renowned trainer John Hawkes.

“Race performance, pedigree and looks – she ticked all of those boxes,” he said.

“For us it’s a terrific result, not only financially, but also that it will be trained by one of the leading trainers in the country.”

Along with Segenhoe’s success, the Hunter Valley further strengthened its global reputation for breeding champion racehorses following some dominant results at the Magic Millions.

The top 120 lots sold at the event were all sired from stallions in the Hunter Valley, while nine out of 10 yearlings were from the area.

Mr O’Brien said the results were mostly a product of the Hunter’s strong agricultural land and consistent access to water resources.

“It’s a strong industry, with some of the leading stallion farms coming from the Upper Hunter in particular,” he said.

“The fact that the top 120 lots sold were all by Hunter Valley stallions says it all in terms of why the area is the nursery of champions in Australia.”

Hunter Thoroughbred Breeders Association vice-president Paddy Power said the region’s racing industry was beneficial to the country and regional economies.

“It’s a reputation that is recognised globally both in the sale and racing rings,” he said.

“One that generates significant jobs, community and social benefits.”