Babe Ruth's 500th career HR bat sells for over $1M at auction

The bat Babe Ruth used to become the first player to hit 500 career home runs in Major League Baseball history sold for over $1 million, according to SCP Auctions.

An unidentified buyer purchased the bat after the auction ended on Saturday.

Ruth reached the mark on Aug. 11, 1929, and gave the bat to his friend, Jim Rice, in the mid-1940s, according to SCP Auctions. The Rice family kept the piece of memorabilia for nearly 75 years before it was put up for auction on the 90th anniversary of Ruth's milestone.

"Babe Ruth memorabilia continues to be among the most prized artifacts for all worldwide collectors," SCP Auctions president David Kohler said in a release that Reuters obtained. "And this outstanding bat proved that once again."

Ruth hit 714 home runs across 22 seasons with the New York Yankees, Boston Red Sox, and Boston Braves (now Atlanta). He was elected to the Baseball Hall of Fame in 1936.