Missy is the most valuable young cow in the world. ((supplied by Bloyce Thompson))

A three-year-old cow bred on P.E.I. has sold at auction for $1.2 million.

Eastside Lewisdale Gold Missy was bred in Frenchfort by Bloyce Thompson, who owns Eastside Holsteins.

The cow eventually ended up in Ponoka, Alta., at Morsan Farms Ltd., which sold Missy at the Royal Agricultural Winter Fair in Toronto for the hefty sum on Wednesday.

The $1.2 million is the second-highest amount paid for a cow at auction in Canada.

"She's the most valuable young cow in the world right now," said Thompson, adding that Missy is one of the top show cows in North America.

"She's by a very popular sire, the most popular sire in the world right now, which has global demand everywhere."

Thompson said that makes Missy's offspring "priceless."

"She sold with contracts for embryos and calves and sons so there will be a great impact in world genetics with Missy in a lot of years to come," he said.

Thompson still owns Missy's mother and daughter. The daughter is scheduled to be auctioned in Toronto on Thursday.