Signed Beatles album sells for record $290,500

This photo provided by Heritage Auctions of Dallas shows a a copy of The Beatles' "Sgt. Pepper's Lonely Hearts Club Band" album autographed by all four band members (AP)

A signed copy of The Beatles’ 1967 album Sgt. Pepper's Lonely Hearts Club Band has been bought for a record price of $290,500 (£191,000) at auction.

The album had been estimated to sell for $30,000 but went for nearly ten times that amount shattering the previous record for such an item.

The album, believed to have been signed by all four bandmembers, was acquired by an unnamed American buyer from the Midwest on Saturday according to The Hollywood Reporter.

The previous record for a signed Beatles album was the $150,000 paid for a copy of Meet the Beatles.

Heritage Auctions in Dallas, which ran the sale, described the album as "one of the most spectacular jewels in our auction".

Expert Perry Cox said: “With my being thoroughly immersed in Beatles collectibles for over 30 years, it takes something extraordinarily special to excite me, but I consider this to be one of the top two items of Beatles memorabilia I've ever seen - the other being a signed copy of Meet The Beatles.”

The album also contains an official souvenir programme of the fourth annual Beatles Convention of Cavern Mecca dated 26 August 1984.