The iconic Buddy the Elf costume, which was worn by Will Ferrell in the 2003 movie Elf was sold at an auction in London for a considerable amount of money.

The aforesaid auction was held on the official website of Prop Store Entertainment Memorabilia on Tuesday. Details about the person who bought the costume are scarce at the moment. However, the iconic costume reportedly sold for a whopping $296,702. 

Furthermore, some reports suggest that the Will Ferrell Elf costume was likely to get between $27,116 and $40,675. However, it surpassed the expectations by earning ten times more.

On Oct. 13, the online store posted a video to its YouTube channel, featuring various movie costumes including the Elf, Spider-Man, and Batman costumes. Carelli Costumes has designed the outfit.

The classic Christmas movie, Elf centers around Ferrell’s character named Buddy who was raised among elves as a kid. He later returns to New York with his father.

Jon Favreau directed the movie. Aside from Ferrel, the movie stars Peter Dinklage, Mary Steenburgen, James Caan, Ed Asner and Zooey Deschanel.