George Harrison's beloved "Futurama" guitar, a cornerstone of his early Beatles career, has sold for a staggering $1.27 million at auction. The instrument, a 1959 Resonator Futurama, was purchased by Harrison's mother for a mere £58 when he was just 16 and accompanied him on over 320 Beatles performances.

Julien's Auctions, which earlier this year sold John Lennon's acoustic guitar for $2.85 million, announced that Harrison's Futurama had set a new world record for the most expensive George Harrison guitar ever sold.

"George Harrison's iconic Futurama guitar is one of the most important guitars in rock 'n' roll history and was instrumental in shaping the sound of the Beatles," said Julien's Auctions CEO Martin Nolan in a statement. "We are thrilled that today, Harrison's guitar joins Julien's Auctions' Million Dollar Club, which already includes guitars owned by John Lennon, Eric Clapton, and Kurt Cobain."

Originally estimated to fetch between $600,000 and $800,000, the guitar was heavily promoted by Julien's Auctions as a significant piece of Beatles history. "George Harrison's Futurama was the North Star of the Beatles, and one of the most beloved instruments in his legendary guitar collection," Nolan said. "This mythical guitar, named 'Futurama,' was played on countless groundbreaking early Beatles gigs at Liverpool's Cavern Club and during the famous Hamburg years where the band honed their sound and style and where Beatlemania was literally born."