She was named the American Champion Three-Year-Old Filly of 1994 after winning the Alabama, Gazelle and Beldame Stakes, plus finishing second in the Breeders' Cup Distaff.
Her four-year-old campaign was equally noteworthy, with wins in the Apple Blossom, Hempstead (now the Ogden Phipps), Go for Wand and John A. Morris (now the Personal Ensign).
Over a lifetime involved in the sport, Phipps had owned and bred multiple champions including Buckpasser, Easy Goer and Personal Ensign,[3] though he somewhat notoriously lost a coin flip that decided the ownership of Secretariat.
[4] Heavenly Prize was sired by Seeking the Gold, another major stakes winner for the Phipps stable known for his gameness and consistency.
McGaughey had another potential star filly in his stable at the time, Inside Information, who won a different maiden race on the same day.
Heavenly Prize won in a more dominating fashion, so McGaughey decided to enter her in the Frizette Stakes on October 16, while Inside Information focused on shorter races.
She then turned in one of her best performances in the Alabama Stakes at Saratoga on August 13 by beating heavy favorite Lakeway by seven lengths.
[2][8][10] Mike E. Smith then gave up the mount on Heavenly Prize to ride the Hall of Fame champion Sky Beauty.
Returning to Belmont Park for the Hempstead Handicap on June 18, she defeated yet another future Hall of Famer, Sky Beauty.
Shipping next to Saratoga, she won the Go For Wand on July 23 by launching a move on the far turn that took her from 8+1⁄2 lengths behind to the lead within a furlong.