(CNN) -- A 130-year-old photo, billed as the only authenticated picture of legendary outlaw Billy the Kid, sold for $2.3 million at a Denver auction Saturday night. The Kid reportedly paid 25 cents to have the photo taken in Fort Sumner, New Mexico. The Old West Show & Auction had estimated the tintype -- an early photographic technique that used metal plates -- to bring in between $300,000 and $400,000. "When the bidding ended, the whole room erupted in clapping and people leapt to their feet," said Melissa McCracken, spokeswoman for the auction. "I've never experienced anything like this before."
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The winning bidder is billionaire William Koch
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Officials had estimated the picture to bring in between $300,00 and $400,000
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Billy the Kid reportedly paid 25 cents to have the photo taken
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