New York ( CNN ) -- John Lennon 's autographed lyrics for `` A Day in the Life '' -- one of the top tunes from an iconic album -- went for more than a song Friday when it was sold at Sotheby 's Auction house in New York for $ 1,202,500 . The price paid by a private American collector is close to the sale price in 2005 when Lennon 's lyrics for `` All you need is Love '' sold for over $ 1.2 million . A total of three bidders weighed in for the manuscript , taking over six minutes until the bidding ended . The double-sided single sheet of paper written in Lennon 's hand includes cross-outs and corrections , and chronicles the evolution of one of the most famous musical masterpieces by the Beatles . `` A Day in the Life '' was the final track of the Beatles ' legendary 1967 album , `` Sgt . Pepper 's Lonely Hearts Club Band . '' The album spent 27 weeks at the top of the British charts and 15 weeks at number one on the American Billboard 200 . The album is considered a turning point in the career of the Beatles , transforming them from pop icons to among the 20th century 's leading artists . Rolling Stone magazine has ranked `` A Day in the Life '' as number 26 in its list of the 500 Greatest Songs of All Time . Rolling Stone Assistant Editor Andy Greene thinks the song and the album deserve higher praise , considering it was the last album the Beatles collectively worked on together . `` That album was the beginning of the Album Era , '' said Greene . `` It was the Big Bang of albums . This was the first concept album . All the songs go together to tell a story and it 's inspired every musician . '' The lyrics , once owned by Mal Evans , the Beatles ' road manager , exceeded Sotheby 's estimates of $ 500,000 to $ 700,000 . The lyrics were sold by an unidentified collector , an American , who purchased the sheet in 1992 at Sotheby 's for £48,000 , or $ 93,000 . The auction house said the seller plans to use the proceeds to buy a vineyard . The first side of the lyrics -- which are believed to have been composed on the morning and afternoon of January 17 , 1967 -- features a rough draft written in script with a black felt marker and blue ballpoint pen , with a few annotations in red ink . The other side of the page , whose ink is also bright and vibrant , is written in block letters , according to Sotheby 's spokesman Dan Abernethy . Both versions begin with the same familiar line : `` I read the news today , oh boy . '' Rolling Stone 's Greene did n't seem fazed by the expected sale price for the lyrics . `` I can see why it 's worth that , '' he said . `` Beatles stuff always sells well . It is the crown jewel of the Beatles collection . ''
Double-sided sheet of paper sells for $ 1,202,500 . The most expensive item in the world is a single diamond, which can be sold at an estimated price of $ 2,500,000 to $ 3,500,000. Pepper 's Lonely Hearts Club Band ' Believed composed on the morning and afternoon of January 17 , 1967 .