Besides just being a cool instrument to own, the mandolin represents the friendship between 2 of the most iconic rock stars of all time. It's painted with flowers and phrases such as "love thy neighbor," "Janis Joplin & B.B.H.Co," and "Jimi Hendrix."
The new owner got themselves 2 Rock and Roll Hall of Famers for the price of one.
BTW, the Johnny Depp motorcycle from "Cry-Baby" was a part of the same auction ... but its reserve price wasn't met. Instead, GWS auctions say it has several museums interested and currently vying for it.
Some other big-ticket items that did sell include an Elvis Presley Pyramid Ring for $131,250, an Elvis 14K Gold watch for $62,500 and a prop shotgun from 'Terminator 2' which went for $46,875.