The 1993 Caulfield Cup winner Fraar has died at the age of 24, Cornerstone Stud has announced.

Bred in the northern hemisphere by Sheikh Hamdan bin Rashid Al Maktoum's Shadwell Stud, Fraar was a Royal Ascot winner before continuing his racing career in Australia.

Under the care of trainer David Hayes, Fraar enjoyed stakes success during the 1992 Melbourne spring carnival but he will be best remembered for his Caulfield Cup win 12 months later.

Sent out a $31 chance when ridden by Peter Hutchinson, Fraar beat Air Seattle in a photo at Caulfield.

Fraar didn't win again and he was retired to stud in South Australia after two below-par Sydney autumn carnival appearances in 1994.

He won seven races and earned more than $1.2 million in stakes.

At stud he sired 252 winners and he is the broodmare sire of top-class sprinting filly Snitzerland and the Group One-winning stayer The Verminator.

He was retired from breeding duties in 2010.

"He looked a million dollars and was enjoying retirement to the fullest," Cornerstone Stud's Ross Hatton said.