An anonymous bidder has paid $800,000 for a historic .44-caliber revolver, and Maine auctioneer James Julia said it was "an absolute bargain."

The Colt Walker pistol made for U.S. marshals in the 1840s belonged to University of Maine graduate John McBride's great-great-uncle. McBride, who lives in Montana, returned to Maine for Tuesday's auction. He waved his cowboy hat and said "Yee-ha" when bidding ended.

Julia said the handgun known as "The Marshal's Gun" fetched a record price because it was in great condition. He was the auctioneer for the previous Colt record as well, which was $480,000.

McBride, who is 80, said it was a tough decision to sell a piece of family history and that his family will use some of the proceeds to buy land in Montana.