Green Moon, trained by Robert Hickmott and ridden by Brett Prebble, won the Emirates Melbourne Cup at Flemington as the European party largely disappointed.
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The Marco Botti-trained Jakkalberry fared best of foreign raiders in third, but was some distance away from the accomplished winner.
Green Moon, formerly trained in Berkshire by Harry Dunlop, flashed past the long-time leader Glencadam Gold a furlong and a half from home under an assured Prebble.
Fiorente finished second.
It was a fourth victory in the event for veteran owner Lloyd Williams, who used to be involved in the casino business before immersing himself in property, as well as purchasing numerous European horses with Cup potential.
Williams rarely goes racing nowadays and was represented by his son, Nick, who said: "It was 27 years ago when Prince Charles last came here and he gave the Cup to dad, and it's great he has been able to get it again.
"I spoke to him and he's ecstatic - we're lucky to have an exceptionally talented team of people working with us who all play their part.
"Anyone who has even one hundredth of a horse has the dream of having a horse to run in the Melbourne Cup, and we're bad examples of that.
"We've put a lot of money in and it shows that now the days of the old Australian and New Zealand bred stayers are over, you've got to have top-class mile-and-a-quarter horses with speed as this is one of the best races in the world now."
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Prebble said: "I turned down the ride on (2011 runner-up) Red Cadeaux last year, and I'm glad I didn't make the mistake again.
"Turning in I had the feel you seldom get - this horse would be competitive in the Arc or the Hong Kong Vase.
"I've had some great times, but this is right up there."
Glencadam Gold enjoyed an uncontested lead from the outset, but initiated an admittedly humdrum gallop off which the major European players like last year's respective first and second, Dunaden and Red Cadeaux, had no answers although the Luca Cumani-trained Mount Athos flew from the rear to finish fifth under Ryan Moore.
Gai Waterhouse's trailblazer fleetingly looked the winner, until the smooth-travelling Green Moon swooped to conquer in the hands of Prebble.
"It's the pinnacle of racing in Australia," said the winning jockey.
"I've had some great highs here, but you don't get any higher than reaching the pinnacle.
"If he sustained the journey, nothing was going to go with him.
"It's very emotional and it's going to last for a long time."
Williams added: "It's terrific. "I'm so proud for all of our team at the farm.
"It's another Melbourne Cup win for 'Team Williams'.
"We've put a lot of money in and a hell of a lot of effort so to get this result is terrific.
"I'm so excited and so happy for all our people."