A playset for use in and out of water includes a seahorse figurine with long rooted mane hair and a coral corral. The seahorse figurine has a relatively watertight upper body and a rotatably connected lower tail portion. A weight is positioned in the tail so that rotation of the tail orients the angular position of the figurine when it is floating in water. Vents are provided in the tail for displacement of air. The coral corral floates in the water with a substantial portion, including provisions for accessories for the care of the figurine, above the water level. Alternatively, the corral may be placed on a table or other flat surface when it also provides support for the seahorse figurine.