The record breaking Caldwell Potter will not go to the Cheltenham Festival next month, despite being favoured in the betting for the top novice hurdle races.

The Grade 1 winning gelding set a new record for the amount paid for a National Hunt horse at public auction when fetching 740,000 euros at the Goffs Andy and Gemma Brown dispersal last Monday.

Purchased by Anthony Bromley on behalf of John Hales, Ged Mason, Sir Alex Ferguson and Peter Done, the gelding has been moved to Paul Nicholls from Gordon Elliott.

A full brother to the high class chaser Mighty Potter, Caldwell Potter has improved with each career start and achieved Grade 1 glory in the Paddy Power Future Champions Novice Hurdle at Leopardstown over Christmas. 

"The lads sadly lost Hermes Allen last weekend and I guess they felt it's a lot of money, but between the four of them it is not that bad. He's a nice horse to replace Hermes Allen to go novice chasing," said Nicholls.

"He won't go to Cheltenham because he won't acclimatise in time. He might go to Aintree if we are happy, but he has been bought to go chasing, that is his job. He's next year's chaser."

"He's a Grade One winner, has got huge potential and it's a lot easier when you can spread the cost between four people, so I'm excited to have him," he added.

"He arrived on Monday and Mike, the lad who used to look after Hermes Allen, is looking after him and he is thrilled to bits – we just hope we are lucky with him."