One of the Squaw Valley 1960 Olympic Torches has gone for $720,000 at auction ©Ingrid O'Neil Auctions

The Squaw Valley 1960 Winter Olympic Games Torch, which was once in the possession of Walt Disney, has fetched $720,000 (£621,000/€714,000) at auction to an unknown buyer.

Disney, who was the chairman of the Games Pageantry Committee, gave the Torch to film producer, writer and director Tom Leetch for his work on the Olympic Torch Relay.

It had a starting bid of $240,000 (£208,000/€238,000) and sold for $600,000 (£520,000/€595,000), plus a 20 per cent buyer's premium.

Auctioneer Ingrid O’Neil says it is an "absolute record" for a Torch from the 1960 Winter Olympics.

Squaw Valley has since changed its name to Palisades Tahoe, recognising the word "squaw" was used as a derogatory term towards Native Americans.

Squaw Valley, now known as Palisades Tahoe, held the 1960 Olympics ©Getty Images
Squaw Valley, now known as Palisades Tahoe, held the 1960 Olympics ©Getty Images

An Olympic Winter Games Torch from Albertville 1992 went for $65,000 (£56,300/€64,600), while the bronze medal of men's triple jumper Robert Stangland from the 1904 St. Louis Games was sold for $45,000 (£39,000/€44,700).

George Eyser's rope climbing gold medal from the same Games as Stangland fetched $28,000 (£24,200/€27,800), while a set of gold, silver and bronze St Moritz 1948 medals - believed to be given as a gift to Swiss Chef de Mission Kurt Gassmann - went for $35,000 (£30,200/€34,700).

Other items on the sale list included Olympic Torches from the Sapporo 1972, Calgary 1988, Cortina 1956, Innsbruck 1976, Montreal 1976, Beijing 2022 and Tokyo 2020 Olympic Games.