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Welles' Oscar statuette sells for $861K

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LAPX97070212 - 2 JULY 1997 - HOLLYWOOD, CALIFORNIA, USA: Actor Jimmy Stewart in a 1956 file photo, with actors Jim Cagney (center0 and Orson Welles in Hollywood. Stewart died today in his Beverly Hills, California home. Stewart was 89. cs/files UPI 
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Published: Dec. 21, 2011 at 10:10 PM

LOS ANGELES, Dec. 21 (UPI) -- The only Oscar statuette Orson Welles won for his classic drama "Citizen Kane" was sold for $861,542 at a Los Angeles auction this week, officials said.

The Washington Post said the piece of cinematic history was sold by the auction house Nate D. Sanders

to an anonymous buyer.

Welles wrote, directed and starred in the 1941 movie, for which he won the Best Screenplay Academy Award.

He died in 1985 at age 70. His Oscar was believed to have been lost for decades before it landed on the auction block, the Post said.

Hollywood's Academy of Motion Picture Arts & Sciences banned winners and their heirs from selling Oscars beginning in 1950. Welles' statuette was presented to him before the rule went into effect.

Topics: Orson Welles, Citizen Kane, Academy Award
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