Enable failed to make history and become the first-ever horse to win the Prix de l'Arc de Triomphe for a third time on Sunday afternoon.
The five-year-old went off the 4/6 odds on favorite.
Six-time Arc winning jockey Frankie Dettori was on board the mare who so many thought would give us the fairytale ending.
The two-time winner led in the home straight with 50 meters left to run and kicked for home but Waldgeist got up to pip her and foil the hat-trick bid.
It marks an eight Prix de l'Arc de Triomphe winner for French trainer André Fabre.
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Pierre-Charles Boudot was on board Waldgeist who went off at 16-1 before providing the shock wub.
8/1 shot Sottsass then came third.
John Gosden was full of praise for both the winning connections, and his own vanquished heroin after the race.
"She ran an absolutely brilliant race," he told ITV Racing.
"Waldgeist came late and strong - it was a good pace up there.
"Frankie committed, and went for it, and just the last part, in the ground testing her, it's hard to show that explosive turn of foot - and Waldgeist has outstayed her on the ground.
"Full marks to Andre."
Meanwhile, reflecting on the win, Fabre said:
"I'm very proud that Waldgeist managed to beat such a fantastic mare - I'm delighted."