Almandin, ridden by Australian Kerrin McEvoy, won the 156th running of the Melbourne Cup, Australia’s most popular horse race.
It was McEvoy’s second Melbourne Cup success, after first winning with Brew in 2000. The 36-year-old said it was “a dream come true”.
Known as the “race that stops a nation”, the event is the world’s richest two-mile handicap.
Heartbreak City was second, with pre-race favourite Hartnell in third.
A crowd of more than 100,000 was expected to be at the Flemington Racecourse for the race.
The race is Australia’s richest, drawing a deep field of talent from home and abroad to compete for the A$3.6m (£2.25m; $2.75m) prize.
Analysis: Cornelius Lysaght, BBC horse racing correspondent
Almandin had to dig deep to see off Irish challenger Heartbreak City after a thrilling duel through the closing stages.
The success is another feather in the cap of jockey Kerrin McEvoy, who gained a high reputation during five seasons – 2004 to 2008- riding in Britain alongside Frankie Dettori at Sheikh Mohammed’s Godolphin stables.
The Irish will, of course, be ruing second place, but they got a terrific ride from Brazilian-born Joao Moreira, the so-called “Magic Man”, who started in an unfavourably wide stall. Principal British hope Oceanographer never featured, while Big Orange couldn’t dominate.
Almandin is owned by Australian property magnate Lloyd Williams. The win makes him the most successful owner in the history of the Melbourne Cup, with five victories to his name.
He said he was “quite emotional” about the result and praised his team for helping his six-year-old gelding, based in Germany, recover from a damaged tendon.
“We have got a great staff up there. Super what they’ve done with it,” Mr Williams told reporters.
McEvoy thanked Williams for “having faith in me”.
“I feel very privileged to have won my second Melbourne Cup,” he said.