King Kirk, a two-year-old on a path towards paydays totalling $4.5 million in the next four months, drowned in a training pool accident at Randwick on Tuesday.

The Gai Waterhouse and Adrian Bott-trained colt was recovering from a trial run when he panicked and swallowed a significant amount of water, the stable said.

“Despite the efforts by his handlers, ATC [Australian Turf Club], staff and veterinarians, he sadly could not be saved,” a statement said.

King Kirk had run fourth in a 740-metre trial on Tuesday morning, enough for jockey Tim Clark to say he “was going to be a force in the Magic Millions” in January.

With first place in that race carrying a cheque of $1.7 million and March’s Golden Slipper boasting a $2.8 million bounty for the winner, owners and trainers have many reasons to feel disconsolate.

The two-year-old was a $300,000 yearling purchase this year at the Magic Millions sales on the Gold Coast.

At his only start, King Kirk won the $250,000 group 3 Breeders Plate (1000m) at Randwick on October 5, putting him at the top of betting markets for the $5 million Golden Slipper (1200m) – the premier race for two-year-olds – at Rosehill in March.

Clark, one of the Waterhouse-Bott stable’s go-to jockeys, said King Kirk showed in his first trial back that he was on track for more success as he prepared for January’s Magic Millions carnival on the Gold Coast.