Updated on 09/17/2011 2:49PM

Colonial Colony in a shocker!

Colonial Colony (left), with meet-leading rider Rafael Bejarano up, gets his nose on the wire ahead of favored Southern Image in the Stephen Foster.

LOUISVILLE, Ky. - A week after Birdstone shocked the sports world by defeating Smarty Jones in the Belmont Stakes, another upset of monumental proportions took place Saturday in the $810,750 at Churchill Downs.

Colonial Colony, by far the longest shot in a field of six older horses after losing his 12 previous starts, nosed out favored Southern Image to win at 62-1 odds in the 23rd running of the Grade 1 Foster. He returned $127.20 to win and anchored several other huge mutuel prices, including a $2 pick four that paid $120,119.60.

Ridden by Churchill's current leading rider, Rafael Bejarano, and trained by longtime Churchill regular Walt Bindner Jr., Colonial Colony made his improbable entry into the Foster fray on the final turn of the 1 1/8-mile race. Staying wide while gaining on a leading group that consisted of Peace Rules, Midway Road, and Southern Image, the 6-year-old horse engaged Southern Image, the 3-2 favorite, in midstretch. They edged away from Perfect Drift, who was closing widest of all, while battling furiously to the wire.

In the final yards, Southern Image appeared to surge to a short lead, but Colonial Colony fought back to win by a nose.

"I go to moving, and I've got a lot of hold," said Bejarano. "He finished good."

Colonial Colony was bred and is owned by Chris Nolan, who races under the stable name of Lakeside Farms. Nolan, who lives in southern Indiana, was in Tennessee for a family function and did not attend the race.

By Pleasant Colony out of the Northern Fashion mare Jen's Fashion, Colonial Colony entered the Foster with just three wins from 28 starts and earnings of $312,940. The Stephen Foster winner's share was $502,665.

Bindner, asked whether he thought Colonial Colony had a decent chance coming into the race, said: "You know, not really. Being realistic, he's a nice horse, and he runs hard most of the time."

Run over a track left sloppy by intermittent rains, the Foster was led early by Peace Rules, who held an open lead into the far turn. Southern Image, bottled up along the rail for much of the running by Midway Road, finally got clear when turning for home but fell just an inch or two shy from registering his seventh win in eight career starts. The winning time was 1:50.40.

"It was a tough trip and a tough way to lose," said Mike Machowsky, trainer of Southern Image.

There were $4 worth of winners (including $1 at Churchill) sold on the pick four, which started with a guaranteed pool of $250,000. Handle into the bet was 296,592.

Ontrack attendance, which includes the nearby Trackside simulcast annex, was 9,193.