Owner Riichi Kondo has paid tribute to his "amazing horse" Admire Rakti who collapsed and died after the Melbourne Cup.

Admire Rakti created history as the first Japanese winner of the Caulfield Cup last month and started favourite in Tuesday's Melbourne Cup.

Jockey Zac Purton eased him down in the race and he finished last.

He collapsed in his stall shortly after the race and died from sudden heart failure.

"Admire Rakti was very special to myself, trainer Tomoyuki Umeda and the entire stable staff both here in Melbourne and in Japan and we have been deeply saddened by his tragic death," Kondo said in a statement released by Racing Victoria.

"He was an amazing horse who gave me one of my biggest thrills in racing when he won the Caulfield Cup and provided our trainer Tomoyuki Umeda with his first international Group One winner.

"I would personally like to thank the people of Australia for their overwhelming support and offers of condolences during this tragic time which have been appreciated by all members of our team."

The Mike Moroney-trained Araldo, seventh in the Cup, was the second horse to die after the race.

Araldo broke his hind pastern after he kicked out when became spooked by a flag being waved by a member of the public.

Efforts to save him failed and he was euthanised on Tuesday night.

Both horses will be cremated and their ashes buried in the memorial garden at the Living Legends property in Victoria, is home to many retired Group One winning horses.