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Historic green jacket sold for nearly $700K

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It appears you can put a price tag on a little piece of Augusta National lore – and a steep one at that.

After sitting on the auction block for several days, the green jacket that once belonged to the inaugural winner of the Masters, Horton Smith, was sold Sunday for a whopping $682,229.45.

Smith won the Masters twice, first in 1934 and again in 1936, with his wins sandwiched around Gene Sarazen's famous 'Shot Heard 'Round the World' en route to victory in 1935. Though Augusta National did not begin awarding its famed green jackets to Masters winners until Sam Snead triumphed in 1949, the previous winners – including Smith – were given green jackets retroactively at that time.

The auction host, Green Jacket Auctions in Denville, N.J., declined to identify the winning bid but did make the claim that the price for Smith's jacket was the highest ever paid for a piece of golf memorabilia.

Smith died in 1963 at the age of 55, and was elected posthumously to the World Golf Hall of Fame in 1990. According to reports, his green jacket was believed to be lost but was instead found hanging in a closet last month by a family member.