MINNEAPOLIS, April 29 (UPI) -- Minnesota Historical Society officials said they were "still reeling" after a sapphire donated to the organization sold at auction for more than $3 million.
The society had speculated the 22.66 carat stone might sell for $80,000, The Minneapolis Star-Tribune reported.
Christie's auction house had placed the sapphire's value at between $250,000 and $350,000, but insiders recognized those were low-ball estimates, the newspaper said.
The Minnesota Historical Society will realize about $2.6 million from the sale, the newspaper said.
"We're still reeling from the news," said Minnesota Historical Society Director Nina Archabal.
The Kashmir sapphire was donated to the society last year, following the death of Gertrude Boeckmann Ffolliott, the last surviving grandchild of industrialist James J. Hill, who had given the sapphire to his wife in 1886.
Gemologists described the diamond-encrusted sapphire as having a cornflower color with a velvety texture, the Star-Tribune reported.
Never on display or part of the society's collection, the gem was thought to have gone down in value because the necklace for the pendant and its 36 smaller gems was split among Hill's six surviving daughters following his death in 1916.
