Retired Victorian racehorse shot dead on family property

A retired racehorse has been executed in Victoria and its owner suspects an industry grudge or unhappy punter could be responsible.

The 14-year-old brood mare Arriere was shot between the eyes at close range while in the paddock of a stud farm in Balnarring.

Owner Tony Biddle heard the shot about 1.30am on Saturday and checked his property but went back to bed thinking it was a car backfiring.

"Someone's got a grudge against her or us. To kill a racehorse is just not on," Mr Biddle told the Western Port News.

"Some people are very serious about some things. Maybe it was an unhappy punter."

He said the killer went to the effort of picking up the spent shell casing.

The shooter may also have picked the wrong property, Mr Biddle said.

Arriere was retired from racing five years ago and has bred several race-winning horses.

"She was a lovely mare and would have come to the fence to meet her killers," Mr Biddle said.