With the passing of the religious leader and businessman Aga Khan at the age of 88 in Portugal on February 4, horseracing fans remember him for his passion for the sport, but also for an enduring mystery – the disappearance of his top young colt Shergar at the height of its fame and glory on the racetrack.

Shergar was a superstar who won the Epsom Derby by 10 lengths in 1981, and went on to be victorious in the Irish Derby and the King George Stakes. He was retired at the end of that racing season, with owners forking over £10m for shares in his stud fees. It was estimated the horse was worth $13.5 million at the time.

A portrait of an older man.

The Aga Khan in 2014. (Patrick Tsui/FCO photo)

The Aga Khan, whose philanthropy extended to Canada where he founded the Aga Khan Museum in North York, Ontario, was a billionaire who owned the Ballymany Stud in County Kildare, Ireland where Shergar was stabled. On the night of February 8, 1983, a gang of thugs armed with guns broke into the stud farm and stole Shergar.

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The sensational horse-napping made international headlines. The thieves struck during The Troubles, but the Irish Republican Army (IRA) denied any involvement at the time. However, in 1999, a former IRA member, Sean O’Callaghan, shared details about the theft and stated that it was a botched IRA operation to raise money for arms. A £2 million ransom was demanded, but it was not paid and negotiations were broken off. According to O’Callaghan, shortly after the theft, Shergar damaged his leg and was shot. The horse’s body has never been found, the story has never been substantiated, and the mystery of his disappearance endures.

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In honour of Shergar, the Shergar Cup was inaugurated in 1999 at Ascot Racecourse in England. His story has been made into two movies, several books and a couple of documentaries.