Arrest made in stolen N.J. bronze horse statue

Statue was taken from a former racetrack and sold for salvage

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updated 2:22 p.m. ET July 20, 2008

CHERRY HILL, N.J. - Police said a bronze horse statue stolen from a now-defunct New Jersey racetrack has been broken up and sold to a salvage yard for a fraction of its value.

At the going rate, the bronze from the 1-ton statue sells for about $4,000. As a piece of art, it was worth about $500,000.

The statue was cut off its base outside the old Garden State Park horse racetrack. Part of it was found nearby, the rest at a Camden salvage yard.

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Police said a tip led to Saturday's arrest of 33-year-old Ian MacDonald. He is charged with theft and conspiracy. Police are looking for three other suspects.

MacDonald is being held in lieu of $55,000 bail. Messages left with the police spokesman and at MacDonald's home weren't immediately returned.