'Holy grail' iPhone sold for $190,000 at auction
The new Apple iPhone which was unveiled at their flagship store on Regents Street, London
PA
An iPhone has sold at auction for a whopping $190,372.80 (£145,416).
The unopened first edition 4GB model sold in the United States after attracting 28 bids.
The product eventually sold at nearly 400 times its original price.
Collectors dubbed the iPhone the “Holy Grail” following its sale at LCG Auctions.
The new Apple iPhone is demonstrated to a customer at the unveiling in their flagship store on Regents Street, London
PA
The overall sale cost includes administration fees, known as a “buyer’s premium”.
The extra cash goes into the pocket of the auction house rather than the seller.
LCG Auctions described the product as “popular”, “high-end” and a “red-hot collectable”.
They added that two other factory-sealed first edition iPhones sold at record values in the last year.
The new Apple iPhone which was unveiled at their flagship store on Regents Street, London
PA
The website added: “[This iPhone] is exceedingly rare, factory sealed, first-release 4GB model in exceptional condition. Virtually flawless along the surface and edges, the factory seal is clean with correct seam details and tightness.”
The device originally retailed at $599 (£457) and was expected to sell for between $50,000-$100,000.
It was first released in 2007 by the then-Apple CEO Steve Jobbs.
The product was discontinued just two months later due to issues with sales.
Steve Jobs, CEO of Apple, at the Apple store on Regent Street, London
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Punters instead opted to purchase the 8GB model for just $100 more.
The second product launched at the same time and gave users double the storage space.
Apple products have done particularly well in auction houses following Jobbs’ death in 2011.
The company’s co-founder died at the age of just 56 following a battle with pancreatic cancer.
Apple claimed Jobbs had been "the source of countless innovations that enrich and improve all of our lives" and had made the world "immeasurably better".
Jobbs oversaw the creation of the colourful iMac computer, iPod, iPhone and iPad.