Waldpark won the German Derby as Brown Panther, the horse owned and bred by Michael Owen, was beaten into fifth at Hamburg.
Owen was left in tears when the colt won the King George V Handicap by six lengths at Royal Ascot in June.
But he was unable to repeat the triumph and was edged out for third in a photo finish.
It was a second British sporting defeat of the weekend in Hamburg after boxer Wladimir Klitschko beat David Haye.
Richard Kingscote attempted to make all the running on 7-4 favourite Brown Panther, trained by Richard Kingscote.
The jockey Kingscote slowed up the pace in testing conditions going down the back straight and kicked clear turning for home.
For a few strides it looked as if Kingscote had executed his plan to perfection, but Andreas Wohler's 12-1 chance Waldpark came with a run down the outside for Jozef Bojko to claim the Classic and keep his unbeaten record intact.
Wohler's Earl Of Tinsdal stuck on up the rail for second, with third home Saltas and the fast-finishing Mawingo just relegating Brown Panther to fifth on the line.