John Smith is still credited with the fastest 440 yards (quarter mile) based on his 44.5 hand timed World Record in the 1971 AAU Championship meet. The race is defunct and is rarely run by top athletes. http://en.wikipedia.org/wiki/John_Smith_(athlete)
The much more common and the practical answer is Michael Johnson who holds the World Record in the 400 meters, about 8 feet less than a quarter mile, in 43.18, set August 26, 1999
http://www.YouTube.com/watch?v=vVL7QLHn5y4
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