After initially being passed in, a share in Melbourne Cup winner Verry Elleegant has been snapped up by one of the existing owners.

A 12.5% share 11-time Group 1 was offered online via Gavelhouse for almost a week but was passed in after the final bid of NZ$350,000 (AU$323,000) did not meet the reserve.

Tim Barry, the part-owner who offered the share, later came to an agreement with one of his co-owners to offload his share in the seven-year-old daughter of Zed.

“We are pleased to announce that a deal has been done this morning with the 12.5% share in Verry Elleegant selling to an existing part owner for an undisclosed amount,” Gavelhouse said via social media on Tuesday morning.

The $350,000 bid valued Verry Elleegant, who won 16 of her 40 starts including a Melbourne Cup and Caulfield Cup, at NZ$2.8 million (AU$2,586,000).

That is slightly less than the $2.7m that was paid for Not A Single Doubt mare Shout The Bar at this year’s Inglis Chairman’s Sale and fractionally more than the $2.4m realised by Zoustar’s daughter Madam Rouge at the Magic Millions National Broodmare Sale.

Snitzel mare Away Game and four-time Group 1 winner Tofane, who is by Ocean Park, sold for $4m and $3.1m respectively at this year’s National Sale, while the most expensive mare sold at auction in Australia was Danehill mare Milanova, who sold for $5m at Inglis in 2008.

Verry Elleegant was retired after a ninth placing in the Group 1 Champions Fillies & Mares Stakes (2400m) at Ascot in October, which was the fourth start of a winless European campaign.