The price easily broke the previous record of $$867,266 (£541,250/€661,171) paid at an auction in London in April 2012 for a silver cup won by Spyros Louis, the Greek who won the first Olympic marathon at Athens 1896. 

Bidding for Owens' item finished today after it was extended by a few hours and there were a total of 30 bids. 

The winning bid as nearly five times the highest price previously paid for a gold medal won by a member of the U.S Olympic team  Mark Wells' gold from the Lake Placid 1980"MIracle on Ice" hockey team, which sold for $310,700 (£190,127/€226,696) in 2010.

Owens' gold medal had been put up for auction by the estate of Elaine Plaines-Robinson, wife of entertainer Bill "Bojangles" Robinson, a close friend of Owens who died in 1949.

Jesse Owens smiles as he poses with the four gold medals he won at the 1936 Berlin Olympics ©Hulton Archive/Getty Images

"We are honoured to handle what we consider to be among the most inspiring sports artifacts ever offered at auction," said SCP President David Kohler.

"Worldwide attention garnered by the auction of Jesse Owens 1936 gold medal and the extraordinary auction result proves that Owens' triumphant legacy continues to endure."

Owens won four gold medals at Berlin 1936 in the 100 metres, 200m, long jump and 4x100m relay.

But it is not known which event the gold medal is from as it is not engraved. 

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November 2013: Jesse Owens Berlin 1936 Olympic gold medal up for auction
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