A first-generation Apple iPhone has sold at auction for $190,372.80, nearly 400 times its original price.

According to CBS News, the unopened 4GB model was purchased after 28 bids on LCG Auctions on Sunday (July 16).

Keep reading to find out more…

In its listing for the model, LGC auctions wrote that the original 4GB is consider a “holy grail” amongst iPhone collectors. “Its extreme scarcity is directly related to its limited production,” they added.

The starting bid was $10,000 and it was expected to sell for about $50,000-$100,000 since it’s “proven to be a popular high-end collectible.” Back in February, another iPhone from 2007 was sold for $63,356. The one that sold on Sunday was still in its original factory wrapping and has never been activated.

“The phone’s provenance is pristine as the consignor was part of the original engineering team at Apple when the iPhone first launched,” LGC Auctions wrote in the listing. “Collectors and investors would be hard pressed to find a superior example.”

A few months after its release in 2007, the original 4GB iPhone was discontinued because of lagging sales. Apple ultimately dropped the price by a third in order to encourage more people to purchase the device.

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Photos: Getty Images

Posted to: apple, iPhone

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