The handwritten version of "Maxwell's Silver Hammer," written in 1968, was then given to the musician's biographer Barry Miles, the BBC reported Tuesday.
Also sold at the auction was one of Jimi Hendrix's guitars, which had been kept at the Rock and Roll Hall of Fame. It brought in $168,000.
Another item was a notebook containing lyrics written by Bob Marley, selling for $72,000.
McCartney's lyrics weren't the only Beatles memorabilia to be auctioned, a taped interview with John Lennon from 1974, for an article in Crawdaddy magazine, sold for $38,400.
A poem written by Doors front man Jim Morrison made more than four times its presale estimate, bringing in $50,300.
2014: The Year in Music [PHOTOS]