The 53 double-action revolver was only expected to fetch $60,000, but a huge bidding war broke out.
Elvis Presley's revolver has sold for almost $200,000.
Rock Island Auction Company confirmed to TMZ that the winning bid for the gun was $199,750.
The late King of Rock and Roll – who died in 1977 aged 42 - was gifted the 53 double-action revolver in November 1976.
The firearm boasts five stars, a bald eagle flying a Betsy Ross American flag, and the Liberty Bell.
It also has “1776-1976" craved in gold near to the muzzle.
It had only expected to fetch around $60,000.
In 2017, Elvis' pair of revolvers sold for record-breaking prices.
An embellished Smith and Wesson 19-2 revolver fetched $195,000, and a Colt Python revolver sold for $172,500.
The 'Suspicious Minds' hitmaker is said to have owned 37 firearms and a machine gun.
Meanwhile, a lock of Elvis' hair sold for more than £1,000 after the tresses were saved by the singer's personal barber, Homer Gill Gilleland.
In 2016, the 'Jailhouse Rock' hitmaker's 1969 Custom Gibson Ebony Dove guitar - which he played on stage for four years between 1971 and 1975 - sold for £185,000, despite being expected to fetch up to £206,000.
Elvis gave the instrument to fan Mike Harris during a show in 1975, who said: "He struck a couple of licks on it, and then he just came to the edge of the stage and held it out by the neck.
"He said, 'This is yours. Hold on to that. Hopefully it'll be valuable one day.' "
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