Rare Boba Fett action figure sells for record-breaking $525,000

June 4 (UPI) -- An extremely rare Star Wars Boba Fett action figure measuring just 3.75 inches tall was auctioned for a record-breaking $525,000.

Heritage Auctions announced the action figure is now the world's most valuable vintage toy after fetching the massive sum, which includes the buyer's premium, at the May 31 Star Wars Signature Auction.

The action figure took the record from a Barbie bearing a 1-carat diamond that sold for $302,000 in 2010.

The hand-painted, rocket-firing bounty hunter is one of only two surviving examples made for Kenner's line of Star Wars toys in the 1970s. The Boba Fett figures were pulled from the production line before making it to market.

"The rocket-firing Boba Fett action figure long ago became such a mythic icon that people worldwide know about it even if they don't collect anything at all," Heritage Auctions Executive Vice President Joe Maddalena said. "We knew this one had a chance to enter the record books, and it was thrilling to see it become the most valuable toy in the world."

A different Boba Fett toy, released in 1979, sold for $84,375 in the May 31 auction. The figure, still sealed in its original packaging, was given a 95 grade by the Action Figure Authority.