Will Ferrell's Elf costume sells for almost $300,000 at auction

Will Ferrell in the 2003 movie 'Elf'. credit:Bang Showbiz
Will Ferrell in the 2003 movie 'Elf'. credit:Bang Showbiz

Will Ferrell’s ‘Elf’ costume sold for nearly $300,000 at auction, almost 10 times more than expected.

The green and yellow festive get-up - which was designed by Carreli Costumes in New York - from the 2003 Christmas movie went for a staggering $296,702 at the Entertainment Memorabilia auction at The Prop store in London to an unnamed buyer.

The price far exceeded experts expectations as they suggested the look worn in the movie - which also starred Mary Steenburgen, Zooey Deschanel, James Caan, Ed Asner and Jon Favreau - would go for between $27,000 to $40,000.

The movie saw the 54-year-old actor portray Buddy, a human raised as an elf in the North Pole, arriving in the Big Apple to make contact with his birth-father, and he famously wore a green tunic with a matching hat and pair of black munchkin shoes.

The costume was sold as a part of a three-day sale at the Prop Store, which will see 1,000 items go under the hammer.

The outfit was not the most revenue-generating item sold so far as the Wilson volleyball from the 2000 Tom Hanks film ‘Castaway’ was sold for $388,750.

Other items going under the hammer include the prop guns used by ‘Eternals’ star Angelina Jolie in the 2001 movie ‘Lara Croft:Tomb Raider’, estimated to go for $10,000, and ‘Harry Potter’ books signed by Daniel Radcliffe, which are predicted to sell for roughly $1,600.

In October, Will revealed he had rejected a $29 million offer for an 'Elf' sequel.

He said: "I would have had to promote the movie from an honest place, which would’ve been, like, ‘Oh no, it’s not good. I just couldn’t turn down that much money.’ "

But the actor didn't want to just make the movie for a bumper pay cheque.

He added: "I thought, ‘Can I actually say those words? I don’t think I can, so I guess I can’t do the movie.' "