Babe Ruth's 500th-HR Bat Sells for $1,000,800 at Auction

The bat Babe Ruth used to hit his 500th career home run sold for $1,000,800 on Saturday at SCP Auctions in California. 

SCP Auctions official website confirmed the sale price of the historic piece of Major League Baseball memorabilia. 

Ruth became the first player in MLB history to reach the 500-homer milestone on Aug. 11, 1929, in the New York Yankees' 6-5 loss to the Cleveland Indians. The solo shot came in the second inning off Cleveland starter Willis Hudlin. 

When the auction closed Saturday, SCP Auctions CEO David Kohler told CNBC's Jabari Young the expectation was the winning bid could break the record for highest sale price of a game-used bat. 

“Babe Ruth is king in the sports memorabilia business,” Kohler said. “We feel (the 500th home run bat) has a very good chance of breaking the record.”

It didn't quite reach those expected heights, though it certainly came close to the record. 

The current record-holder is on the bat Ruth used in 1923 to hit the first homer at the original Yankee Stadium. Kohler said that one went for $1.3 million when it sold in 2004 and it's currently on display at new Yankee Stadium.

Ruth memorabilia has historically generated significant interest from collectors. In a ranking of the most expensive sports relics ever sold as of July 2018, Shop Dynasty Sports listed three of the Great Bambino's items in the top 10, including his 1920 Yankees jersey at No. 1 ($4.415 million).