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The auctioneer said the action figure is one of only 30 ever produced, is the highest-graded example of the three known to still exist and is the first to be sold at auction.
The toy was made as a prototype in 1979 but never made it to market due to the risk of injury to children from its firing rocket.
A similar Boba Fett figure previously became the world's most expensive vintage toy when it was auctioned for $525,000 in June. That figure was one of 70 prototypes made with an "L-slot" firing mechanism.
The Boba Fett sold by Goldin is the first "J-slot" to ever make it to auction.
"This item is looked at as one of the most important in the hobby," said Ken Goldin, founder and CEO of Goldin. "This is the first time a Mailer J-Slot V2/ Missile example has come up for auction, making this a once-in-a-lifetime opportunity to own this iconic piece of the Star Wars franchise."