updated 7/20/2008 2:22:46 PM ET 2008-07-20T18:22:46

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.

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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.

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.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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