CHERRY HILL, N.J. (AP) – Police say a bronze horse statue stolen from a now-defunct New Jersey racetrack has been broken up and sold to a salvage yard.

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 say 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.