Prince of Penzance wins Melbourne Cup

The Darren Weir-trained gelding from New Zealand held off Max Dynamite and Criterion in the Group One, 3,200m race.

The heavy outsider was a stunning winner, one that will pocket connections 3.6 million Australian dollars.

"It's unbelievable. It's a dream come true," the 30-year-old Payne told Channel Seven.

"This horse is awesome [with] what he's been through. Darren Weir, unbelievable trainer to get him here like this today."

One of the pre-race favourites, Trip To Paris, appeared well-placed before finishing fourth.