American millionaire David Rubenstein made the winning bid by telephone. The founder of the Carlyle group, an investment bank, was reported to have paid $8,528 a word.

Pre-sale estimates placed the document's value at around $30 million, so the actual selling price is a disappointment.

The auctioned manuscript is one of 17 existing copies of the Magna Carta. Fifteen other copies can be found in various British cathedrals and universities. Australia possesses the 17th copy.

The manuscript was issued on June 15, 1215, several centuries before similar works appeared.

Perhaps its most famous element, the Habeus corpus, or the right to appeal against unlawful imprisonment, was first realised in the Magna Carta. Historians and scholars rightfully regard the iconic document as a catalyst in the evolution of the rights of man.

Since its inception, the Magna Carta has inspired numerous constitutional documents, including the United States Bill of Rights.

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