Autographed copy of Beatles' 'Sgt. Pepper's Lonely Hearts Club Band' auctioned for almost $300,000

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.

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."