The leather saddle worn by the legendary race horse, Phar Lap, in his final race has been bought at auction for A$75,000 ($55,564).

The Victoria Federal Governments paid A$50,000 towards the cost of the saddle while the Australian Racing Museum contributed A$25,000, ensuring it will remain in Sydney.

The saddle was custom built for jockey Billy Elliot to ride Phar Lap and was used to win seven races from seven starts. It had been on display at the Australian Racing Museum, on loan from Melbourne jockey Hal Baker.

Phar Lap was born in 1926 in Timaru, New Zealand and went on to win 37 races from 51 starts. His mysterious death from an unknown illness prompted rumours he had been poisoned by US gangsters.

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