The rare book, which is one of only 500 hardback copies signed by the author in 1997, was expected fetch between £20,000 and £30,000.
In exceptional condition, the first edition was eventually sold for £80,000.
It is thought that, of the initial 500 copies of the book, there are only approximately 200 left as many were sent to libraries or damaged beyond repair.
Despite the large fee, it is not the highest recorded sale of one of Rowling’s books. A signed copy of the same edition fetched £125,000 last year in a European auction record.
Another copy was sold for £68,000 last December in Staffordshire.
This particular book was bought in Nottingham in 1997 shortly after it was released.
The auctioneers described it as “an exceptional copy, first edition, first impression, case-bound issue", and said it is considered so collectible because it features a number of misprints.
Harry Potter and the Philosopher’s Stone is the first of seven books in the hugely popular series that has spawned numerous movies, theme parks and action figures.
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