The green jacket owned by Horton Smith, who won the first Masters, sold for nearly $700,000 at an auction Sunday.
The winning bidder was not identified by Green Jacket Auctions, which is based in Denville, N.J.
Smith's jacket, a 43 long, was thought to be lost but Green Jacket Auctions got a call from a distant family member who lives near Atlanta. The jacket had been in a closet for decades.
Smith won the first Masters in 1934 when it was called the Augusta National Invitation Tournament. He also won the tournament in 1936.
The winning bid of $682,229.45 for the jacket was the highest price paid for a piece of golf memorabilia, according to Green Jacket Auctions.
Smith, who was inducted in the World Golf Hall of Fame in 1990, won 32 events on the PGA Tour and played in 27 Masters through 1963. He died that year at age 55.
He was the last player to beat Masters founder Bobby Jones in match play at the 1930 Savannah Open, the same year Jones won the Grand Slam.