Media Puzzle landed an emotional triumph for Irish trainer Dermot Weld and jockey Damien Oliver in the Tooheys New Melbourne Cup at Flemington.
The five-year-old gave Weld a second success in Australia's premier race after Vintage Crop in 1993.
Weld, who became the first European trainer to win the Aus$4 million (€2.25million) race with Vintage Crop in 1993, punched the air with delight after his six-year-old gelding crossed the line first.
Oliver was in tears afterwards as he remembered brother Jason, who died last week following a riding accident.
Media Puzzle arrived in Australia last month as an outside chance to win the race with Vinnie Roe, a dual winner of the Irish St Leger, the popular favourite.
But Media Puzzle stormed into contention when he won last month's Geelong Cup, one of the traditional lead-ups, in brilliant fashion, setting a course and race record.
He started the race as second favourite and was always travelling well as the European horses dictated the pace.
The six-year-old hit the front rounding the final turn, 400 metres from home, then accelerated away from the field on the home straight to win easily.
"I got to the front earlier than I wanted but he was just so strong and too good for them," Oliver said.
Mr Prudent, a veteran gelding prepared near Melbourne by 85-year-old George Hanlon, ran on strongly to finish second.
Beekeeper, one of three runners from the Arab-owned Godolphin stable, edged past Vinnie Roe to grab third with Kerrin McEvoy in the saddle.
Vinnie Roe made it a memorable day for the Weld stable as he finished a brave fourth in the two-mile showpiece under a big weight on very fast ground.
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Damien Oliver on Media Puzzle on his way to winning the Melbourne Cup at Flemington Racecourse in Melbourne. Stuart Hannagan/Getty
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Both of the Weld horses were in an ideal position throughout the two-mile contest as Hatha Anna, one of three runners for Godolphin, and Sandmason battled it out in front for the lead.
Frankie Dettori on Pugin also travelled well just off the leaders but faded when the field
made the turn for home.
It was Vinnie Roe and Pat Smullen who appeared to be going slightly the better straightening up but they had no answer when Oliver asked Media Puzzle to quicken. He stretched clear in tremendous style as Vinnie Roe's welter burden began to tell.
Mr Prudent and the third Godolphin runner Beekeeper finished well to fill the second and third places but the winner never looked in danger of being caught, recording one of the fastest times in the race's long history in the process. He was good value for the winning margin of two lengths and a long neck.
Weld, the only European trainer to ever win Australia greatest race, was proud of his runners. He said: "It's a wonderful day. I'm delighted for everybody concerned - my staff, who've done such a wonderful job with this horse. This is very special.
"These are special moments in life. I was so thrilled turning for home to see my two horses fighting out the Melbourne Cup. They've come 12,000 miles to do this".
"This is a great day for Ireland."
PA