Prince's Teal Guitar Sells for Massive Amount

An iconic teal guitar used by Prince in the late 1980s and early 1990s sold for an astonishing $700,000 at an auction on Saturday.

Julien's Live auction house, which is based in Los Angeles, said it was the most ever paid for a guitar used by the "Little Red Corvette" singer, reports the Star-Tribune.

The auction house thought the guitar would sell for at least $60,000 to $80,000. The buyer was not identified.

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The teal guitar is shaped like a cloud, much like the iconic "Yellow Cloud" guitar. Prince stopped using it in 1994, when he donated it to an auction to benefit Los Angeles earthquake relief. Prince used it to record, during performances and in publicity photoshoots, Julien's said.

A letter of authenticity signed by Andy Beech, who made 31 guitars for Prince, was also part of the auction lot.

The guitar was part of an "Icons and Idols: Rock 'N' Roll" auction. Julien's also sold a Michael Jackson rhinestone glove for $102,000 and a Kurt Cobain MTV Video Music Awards trophy for $62,5000. David Bowie's handwritten "Starman" lyrics sold for $81,000.

The "Yellow Cloud" guitar is now owned by Indianapolis Colts owner Jim Irsay, who bought it in June 2016. He paid $137,500 for it.

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Prince died on April 21, 2016 at Paisley Park in Minnesota from an accidental drug overdose.