The most common and most likely answer to this crossword clue is the 12 letter word STEEPLECHASE
I've seen this crossword clue in The Times
S
T
E
E
P
L
E
C
H
A
S
E
More clues leading to the result STEEPLECHASE
- Check through rental agreement after expensive race
- Mounted contest in very expensive rental contract involving church
- Switzerland entered into expensive contract for race
- Switzerland entered into expensive contract for event
- Race to order cheapest eels
- Overpriced, Chelsea lost sporting competition
- A-spiring race?
- Pricey French article to engrave for obstacle race
- Overpriced contract to include church in cross-country race
- Run both taps, overwhelmed by high rent
Buddy explains!

The straight part
We know that "race" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case race = steeplechase.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does STEEPLECHASE mean?
STEEPLECHASE noun- A horse race, either across open country, or over an obstacle course
- An athletics event in which the runners have to run 3000 metres round a track, jumping hurdles and a water obstacle along the way
- To take part in a steeplechase event.