The movie, which Welles directed and starred in, landed nine Oscar nominations following its release in 1941, but only claimed gold for Best Original Screenplay.
The actor/filmmaker lost the statuette, but it resurfaced nine years after his 1985 death when it was put up for auction by a cinematographer who claimed to have been given it by Welles as a form of payment.
Welles' daughter, Beatrice, reclaimed the Oscar and after a legal battle with bosses of the Academy of Motion Picture Arts and Sciences, she was granted permission to sell it on.
It was part of a Hollywood memorabilia sale at Los Angeles' Nate D. Sanders auction house on Tuesday and a mystery bidder paid out $861,542 (£549,721) for the trophy, after fighting off competition from famed magician David Copperfield.
Auction house owner Nate D. Sanders says, "This is a testament to the popularity of Orson Welles and his magnum opus Citizen Kane. I'm proud to have represented this fantastic award to the cinema collecting community."
Similar News ItemsOrson Welles
- What’s Up Doc?: Sheffield & AFI Docs Signal the Summer Fest Drought (From ioncinema. 1 June 2015, 6:00 AM, PDT)
- Watch: Vintage 24-Minute Talk With Orson Welles About Television, 'War Of The Worlds,' 'Citizen Kane,' & More (From The Playlist. 29 May 2015, 12:09 PM, PDT)
- Daily | Books | Cinephilia and Mise en Scène (t) (From Fandor: Keyframe (t). 29 May 2015, 7:42 AM, PDT)
Citizen Kane (1941)
- Cannes Film Review: ‘Hitchcock/Truffaut’ (From Variety - Film News. 29 May 2015, 11:40 AM, PDT)
- 10 Cheapest Plot Twists In Gaming History (From Obsessed with Film. 27 May 2015, 7:23 AM, PDT)
- The Naked Gun's timeless buffoonery (From Den of Geek. 26 May 2015, 8:19 AM, PDT)
David Copperfield (I)
- Unity Documentary Opens Worldwide Beginning August 12; Features 100 Celebrity Narrators (From WeAreMovieGeeks.com. 22 April 2015, 11:47 AM, PDT)
- Documentary ‘Unity’ Set for Aug. 12 Release with 100 Star Narrators (From Variety - Film News. 22 April 2015, 9:00 AM, PDT)
- Magic Castle at Center of Family Fight Over Profits (From The Hollywood Reporter. 10 April 2015, 5:00 AM, PDT)