Shane Warne shows off the baggy green cap he auctioned for more than AUD$1 million ©Getty Images

A late bidding war pushed the price of the baggy green cap being auctioned by cricket legend Shane Warne for bushfire relief funds to more than one million Australian dollars.

The online auction was scheduled to close at 10am, and the winning bid which pushed the figure over seven figures was made at 9.59am.

In the end it raised AUD$1,007,500 (£532,923/$696,160/€625,862), with the winner listed as "M.C." of Sydney, NSW.

Australia's Commonwealth Bank later revealed that their chief executive Matt Comyn was responsible for the winning bid. 

Warne's cap had already smashed the winning bid for the Test cap of Sir Donald Bradman, auctioned off for AUD$425,000 (£225,000/$294,000/€264,000) in 2003.

The Australian spin bowler is one of the sport's most iconic names - and the second-highest all-time Test wicket taker with 708 scalps.

The baggy green captain is a prize item, as Australian Test players traditionally wear the same one throughout their entire international careers.

The Commonwealth Bank announced it will take the cap on a national tour to continue to raise money for communities affected by the bushfires, before it permanently resides in the Bradman Museum in Bowral in New South Wales. 

Warne was left "blown away" by the end result.

"Thankyou so much to everyone that placed a bid & a huge Thankyou / congrats to the successful bidder - you have blown me away with your generosity and this was way beyond my expectations," he wrote on Twitter. 

"The money will go direct to the Red Cross bushfire appeal. Thankyou, Thankyou, Thankyou".