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A copy of The Beatles' 1967 record Sgt. Pepper's Lonely Hearts Club Band has sold at auction for $290,500.

The rare record, signed by all four members, was said to be in 'extraordinary condition' and was the subject of a fierce bidding war at the US auction. The recent sale beats previous Beatles sales, when another rare record was sold for $190,000 in 2010.

Beatles memorabilia expert Perry Cox spoke of his excitement at the record, stating the item was one of the finest he had ever seen.

"With my being thoroughly immersed in Beatles collectibles for over 30 years, it takes something extraordinarily special to excite me," he stated, quotes Whatsellsbest.com. "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."

It is believed the unnamed buyer came from the midwest in America.

The rare item was signed by all four members of The Beatles

The signed album isn't the only Beatles memorabilia currently up for auction, as an angry letter written to Paul McCartney and Linda from John Lennon in 1971 has also been put up for sale online.

The typed letter is thought to be a draft, as it is unsigned and has corrections written on it by hand. It is two pages long and features John Lennon's letterhead, which is a circle containing a photo of himself and Yoko Ono, about to kiss.

In the letter, Lennon writes, "Do you really think most of today's art came about because of the Beatles? I don't believe you're that insane - Paul - do you believe that? When you stop believing it you might wake up!"

The letter is expected to fetch between £26,000 to £39,000 and will be auctioned online on 30 May.

Below: the most expensive music memorabilia sold at auction ever