US colt fetches world record $US16m

A world record $US16 million has been paid for a colt at auction in Florida.

The record came after 10 minutes of bidding at Calder Race Course in Miami Gardens, beating the previous $US13.1 million record set in 1985 for Seattle Dancer.

The unnamed two-year-old (Forestry-Magical Masquerade) has never raced but boasts two Kentucky Derby winners in its bloodline. He urged bidders on itself, having run the fastest workout time among 154 horses up for auction, with a blistering eighth-of-a-mile under 10 seconds.

The winning bidder was Coolmore agent Demi O'Byrne, who said after the auction that the horse would remain in America.

The red bay colt, bearing a wide blaze, could be racing soon in a campaign probably aimed at the 2007 Derby.

A commentator expected that the new owner would most likely make his money back in breeding, noting that the colt would have to mop up just about every major race in the US to make that kind of money.

As any racehorse owner knows, the risks are high. Seattle Dancer, the previous record holder, retired after winning two races and just $164,000.

The sales company reported 154 horses sold for $62,187,000. This was up 24 percent from 2005 when 147 horses were purchased for $50,132,000. The average price jumped 18.4 percent, from $341,034 to $403,812, while the median price remained steady at $200,000.