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11/11/07 9:50 AM ET

Gehrig jersey auctioned for $402,500

LOUISVILLE, Ky. -- Someone shelled out a lot of green to grab a piece of "The Iron Horse" at the Louisville Slugger Museum and Factory auction on Saturday.

A 1938 game-used jersey worn by New York Yankees Hall of Famer Lou Gehrig went for $402,500 to an anonymous bidder. The price is considered to be a record for a game-used Gehrig jersey sold at public auction.

The jersey was originally acquired in 1938 by a New Jersey man trying to form an amateur baseball team. The team folded after one season, and the jersey remained in storage for years.

A collection of 44 Hall of Fame autographed cards and postcards were sold for a total of $165,746. A series of 2007 Major League Baseball All-Star Player Home Run Derby/Workout Day jerseys was sold for a total of $51,980. The money raised by the sale of the jerseys will be donated to MLB's Baseball Assistance Team charity.

This story was not subject to the approval of Major League Baseball or its clubs.