The 12-string Hootenanny acoustic guitar, used in the recording of The Beatles' 1965 'Help!' album and film, was found in an attic having not been seen or played for more than 50 years.
The guitar was acquired through a telephone bid at the Hard Rock Cafe in New York on Wednesday, as part of a two-day music icons sale by Julien's Auctions.
"We are absolutely thrilled and honoured to have set a new world record with the sale of John Lennon's lost hootenanny guitar," David Goodman, chief executive of Julien's Auctions, said.
"This guitar is not only a piece of music history but a symbol of John Lennon's enduring legacy.
"Today symbolises what we do best at Julien's - creating opportunities for people to reconnect with the cultural touchstones that have shaped the moments that matter most throughout their lives.
"Today's unprecedented sale is a testament to the timeless appeal and reverence of The Beatles' music and John Lennon."
Decades later, new owners living in the rural British countryside rediscovered the guitar in the midst of their move and put it up for auction with an estimate of GBP485,000 ($615,000) to GBP647,000.
The guitar was seen in the scene of the 'Help!' movie when the group perform "You've Got To Hide Your Love Away".
It was also used during the recording sessions for 'Help!', 'It's Only Love', 'I've Just Seen A Face' and 'Girl' along with the rhythm track for 'Norwegian Wood' played by George Harrison.
-- BERNAMA