TMZ reports the sale occurred at the Prop Store Entertainment Memorabilia auction in the United Kingdom. While Ferrell’s outfit was reportedly expected to get something in the ballpark of $27,116 to $41,000, the winning bidder, who is choosing to remain anonymous, took home the costume at a price of $296,702.66.
The news arrives just a few weeks after Ferrell talked about turning down $29 million to reprise his role as “Buddy the Elf” in a sequel to the Christmas comedy.
“I would have had to promote the movie from an honest place, which would’ve been, like, ‘Oh no, it’s not good. I just couldn’t turn down that much money,’” the 54-year-old actor told the Hollywood Reporter. “And I thought, ‘Can I actually say those words? I don’t think I can, so I guess I can’t do the movie.’”
Elsewhere in the interview, Ferrell opened up about filming the movie in New York City, saying he remembers running around the city in his yellow tights, thinking, “this could be the end.” His concerns about reactions to the film started to disappear during test screenings for the movie, which he said got a positive reception from families and “USC frat boys.”
Released on November 7, 2003, Elf ended up being a box office success, grossing $220 million worldwide against a $33 million budget.