One of New Zealand's most famous racehorses has been immortalised with a bronze statue above his resting place.

A statue of Bonecrusher, a 1985 New Zealand Derby winner and the first New Zealand racehorse to win more than $1 million, was unveiled at Ellerslie Racecourse today ahead of Saturday's Auckland Cup Day and the $200,000 race that bears his name.

Widely regarded as one of the best racehorses ever to race in Australasia, Bonecrusher passed away in 2015 aged 32.

A bronze statue of Bonecrusher has been unveiled at Ellerslie Racecourse. Photo / Greg Bowker
A bronze statue of Bonecrusher has been unveiled at Ellerslie Racecourse. Photo / Greg Bowker

The life-sized replica, created by artist Michelle Farrell, depicts the champion racehorse in action and includes his famous shoulder scar and unique protruding tongue.

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The statue was initially made out of clay before being broken down into 26 pieces to be cast in bronze at a foundry in Onehunga.

Bonecrusher's trainer Frank Ritchie said the statue's unveiling stirred a lot of emotion and brought back a lot of great memories.