Beatles album auctioned for $290,500

A rare, signed copy of The Beatles' album Sgt. Pepper's Lonely Hearts Club Band has been sold for a record $290,500 at auction. The previous record for a signed Beatles album cover was $150,000, which was paid for a copy of Meet the Beatles.

A rare, signed copy of The Beatles' album Sgt. Pepper's Lonely Hearts Club Band has been sold for a record $290,500 at auction, The Hollywood Reporter said.

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The entertainment magazine reported on its website that the album, signed by all four members of the famous band, was purchased Saturday through Dallas-based Heritage Auctions by an unnamed buyer from the Midwest.

Earlier estimates suggested the album would sell for about $30,000, the publication said.

The Beatles are believed to have signed the cover around June 1967 when the album was released.

According to The Hollywood Reporter, the previous record for a signed Beatles album cover was $150,000, which was paid for a copy of Meet the Beatles.