Pedigree herd bought or flogged (12)
I believe the answer is:
thoroughbred
'pedigree' is the definition.
(synonyms)
'herd bought or flogged' is the wordplay.
'flogged' indicates an anagram.
'herd'+'bought'+'or'='herdboughtor'
'herdboughtor' with letters rearranged gives 'THOROUGHBRED'.
(Other definitions for thoroughbred that I've seen before include "One of pure pedigree" , "of highest quality" , "full-blooded" , "Animal of pure blood" , "A horse of pure lineage" .)