This iPhone was just fold for Rs 1.5 crore; it's considered "holy grail" among collectors [see why]

A first-edition, unopened 4GB model of an iPhone has been sold for a staggering $190,372.80 (more than Rs 1.5 crore) in an auction in the US.

Originally retailing at $599, the lot was expected to fetch in the region of $50,000- $100,000 - but broke all previous records.

The original iPhone 7 lot, run by LCG Auctions, attracted 28 bids in total and sold at nearly 400 times its original price, reports the BBC.

LCG Auctions described it as "a popular high-end" and "red-hot collectable", adding that two other factory-sealed, first-edition iPhones had sold at record values in the last year.

The website described the model as an "exceedingly rare, factory sealed, first-release 4GB model in exceptional condition. Virtually flawless along the surface and edges, the factory seal is clean with correct seam details and tightness".

First released in 2007 by late Apple CEO Steve Jobs, the tech giant made the decision to discontinue the 4GB model just two months after it was launched, due to sluggish sales.

Jobs delivered a keynote address at Macworld 2007 and unveiled the Apple iPhone. This revolutionary device was quite pricey – the base 4GB model cost $500, the 8GB one was $600.

Most went on to purchase the 8GB model that allowed double the storage space for just $100 more.

"The original 4GB model is considered a 'Holy Grail' among iPhone collectors. Its extreme scarcity is directly related to its limited production. Debuting on June 29th, 2007, alongside the 8GB model, the 4GB model was hampered by slow sales," according to LCG Auctions.

"Buyers chose to pay the $100 upcharge in exchange for double the storage space. The lagging sales resulted in Apple making the decision to discontinue the 4GB model on September 5th, 2007, just over two months after it was first released," it added.

(With inputs from IANS)