By Andrew Wu and Eilidh Mellis
Shane Warne's baggy green cap will stay in Australian hands after it emerged major bank Commonwealth Bank was responsible for the successful $1,007,500 bid for the iconic cricket item.
The CBA has said it will take Warne's cap on a national tour to raise money for communities devastated by bushfires before becoming a permanent exhibit at the Bradman Museum in Bowral.
Shane Warne and his cap. Credit: Instagram
The winning bid was made by an "M.C." in Sydney, the same initials as the CBA's chief executive Matt Comyn.
The CBA were involved in a bidding war with one other prospective buyer in the final 12 hours of the online auction, swelling the price by some $300,000.
The auction tipped over the $1 million mark just two minutes before it was to close at 10 am on Friday with the winning bid made at 9.59am.
In a message on Twitter after the auction closed, Warne thanked everyone who had made a bid on the cap, with the proceeds to go to the Red Cross bushfire appeal.
"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.
The leg-spin great put the cherished piece of memorabilia up for auction on Monday to raise money for the bushfire appeal. The figure is well over twice that the $425,000 one of Don Bradman's baggy greens commanded in 2003.
"I am delighted that CBA has been able to secure Shane’s cherished baggy green cap. This has not only raised another $1 million for bushfire relief, it will also enable us to raise further funds for the bushfire appeal as the cap commences a fundraising tour across the country before retiring as a permanent exhibit at the Bradman Museum in Bowral to be enjoyed by all Australians and cricket fans," Comyn said in a statement.
"I want to thank and commend Shane for giving up one of his most cherished possessions for such an important cause. He has demonstrated the same Aussie spirit we are seeing across the country with acts of generosity and dedication throughout this disaster as communities rally to support each other."
The bank is a long-time commercial partner of Cricket Australia and the national women's team.
Such was the interest in purchasing the item of one of Wisden's five cricketers of the century, the auction site had trouble dealing with the traffic.
Warne preferred to wear the wide-brimmed hat out on the field but that did not stop punters from wanting to purchase one of the most treasured items in Australian sport. Warne's cap comes with an autographed certificate of authenticity.
Shane Warne with his baggy green in 1992.Credit: The Age
One valuer spoken to by The Sydney Morning Herald and The Age earlier this week had expected Warne's cap to sell for $500,000 if there was a bidding war but the final price has blown even that out of the water.
All proceeds are being donated to the bushfire appeal.
The price had reached over $500,000 at 5pm on Thursday but several duels featuring two buyers from NSW and one from Queensland sent the figure skyrocketing.
"We were blown away by the generosity of Australians," Pickles Auctions head of marketing Marc Cheah said.
Pickles have limited experience when it comes to sports memorabilia, Cheah says, but media attention from around the world helped secure the million-dollar result. Many bidders registered from overseas.
"Shane Warne has an amazing profile, locally and internationally," Cheah said, describing the cricketer as an "Australian character".
The cap for sale on Friday morning.
Cheah also acknowledged the unifying cause of bushfire relief contributed to the extraordinary result. "People wanted to be a part of history."
Warne said on Monday that selling his cap was the "least he could do" to help victims of the devastating fires that have ravaged the country.
"The horrific bushfires in Australia have left us all in disbelief," Warne wrote on Instagram. "The impact these devastating fires are having on so many people is unthinkable and has touched us all.
"Lives have been lost, homes have been destroyed and over 500 million animals have died too.
"Everyone is in this together and we continue to find ways to contribute and help on a daily basis.
"This has led me to auction off my beloved baggy green cap (350) that I wore throughout my Test career (when I wasn’t wearing my white floppy hat). I hope my baggy green can raise some significant funds to help all those people that are in desperate need."
Some of Australia's biggest sporting stars have pledged donations, including tennis aces Ash Barty and Nick Kyrgios and F1 driver Daniel Riccardo. Glenn Maxwell and Chris Lynn have also promised to give $250 for every six they hit in the Big Bash League.
The AFL announced on Thursday it would stage a State of Origin game between Victoria and an All Stars side, while Formula One star Lewis Hamilton donated $500,000 towards rescue and care for bushfire-affected wildlife.