'Wizard of Oz' ruby slippers worn by Judy Garland sell for record-breaking $28 million at auction

A pair of ruby slippers that Judy Garland wore in "The Wizard of Oz" sold for a record $28 million at auction Saturday.

The final price tag for the iconic red shoes, which were stolen by a retired mobster over two decades ago, far exceeded Heritage Auctions' estimate of $3 million, according to a press release.

Including the Dallas-based auction house’s fee, the unnamed buyer will pay a staggering total of $32.5 million for the slippers. 

"There is simply no comparison between Judy Garland’s Ruby Slippers and any other piece of Hollywood memorabilia," Heritage Auctions Executive Vice President Joe Maddalena said in a statement.

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"The breathtaking result reflects just how important movies and movie memorabilia are to our culture and to collectors," Maddalena continued. "It’s been a privilege for all of us at Heritage to be a part of the slippers’ epic journey over the rainbow and off to a new home."

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Ahead of the live auction on Saturday afternoon, online bidding, which opened last month, stood at $1.55 million. According to the press release, bidding on the slippers surpassed their pre-auction estimate within seconds and they were sold a few minutes later.

According to The Associated Press, the auctioneer told bidders and spectators in the room and watching online that the previous record for a piece of entertainment memorabilia was $5.52 million.

That item was the white dress that Marilyn Monroe famously wore while standing over a subway grate in the 1955 movie "The Seven-Year Itch." 

The slippers, which are embellished with sequins and glass beads, were on display at the Judy Garland Museum in the legendary actress's hometown of Grand Rapids, Minnesota, in 2005 when retired mobster Terry Martin used a hammer to smash the glass of the museum’s door and display case.

Martin gave into the temptation of "one last score" when he stole the iconic shoes, his lawyer wrote in court documents previously obtained by Fox News Digital. He was allegedly approached by an "old mob associate" who asked Martin if he would steal the slippers worn by Garland, who played Dorothy Gale, in the classic 1939 movie musical.

"At first, Terry declined the invitation to participate in the heist. But old habits die hard, and the thought of a ‘final score’ kept him up at night," Dane DeKrey wrote. "After much contemplation, Terry had a criminal relapse and decided to participate in the theft."

When Martin stole the slippers he assumed that the beads adorning the shoes were real rubies. However, Martin was later informed that they were made of glass.

"Unaware of the cultural significance and value of the slippers themselves, Terry angrily decided to simply cut his losses and move on," according to DeKrey. "He gave the slippers to the associate who had recruited him for the job and told the man that he never wanted to see them again.

At the time of the theft, the slippers were insured for $1 million, and the fair market appraisal value of the slippers in May 2023 was $3.5 million, the Department of Justice wrote in a press release.

"The ruby slippers, which were recovered by the FBI and Grand Rapids Police Department in July 2018, are one of the four remaining pairs and are widely viewed as among the most recognizable memorabilia in American film history," the press release stated.

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Martin had the slippers in his possession for less than 48 hours before handing them over to the unnamed associate, according to the memo. 

During Martin's sentencing in January, the reformed mobster was given no jail time after prosecutors recommended time served due to his declining health. At the time, Martin was housebound after doctors estimated he had six months to live.

In March, a second suspect was charged in connection with the slippers' theft, according to a federal indictment. Jerry Hal Saliterman, 76, of Crystal, Minnesota, was charged with theft of a major artwork and witness tampering.

Saliterman's trial is scheduled to begin in January. He hasn’t entered a plea, though his attorney has said he’s not guilty.

The slippers were returned to collector Michael Shaw at Garland's home in March. Hollywood costumer Kent Warner had given the shoes to Shaw, who loaned them to the museum. 

After Shaw enlisted Heritage Auctions to sell the ruby red slippers, the auction house took the shoes on an international tour with stops in Los Angeles, New York, London and Tokyo.

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The auction also featured other memorabilia from "The Wizard of Oz," including a hat worn by Margaret Hamilton, who played the original Wicked Witch of the West. The hat sold for $2.4 million, or a total final cost to the buyer of $2.93 million.

Interest in "The Wizard of Oz" has spiked in recent weeks after the release of the musical movie "Wicked," starring Ariana Grande and Cynthia Erivo. The film, which is an adaptation of the Tony Award-winning Broadway musical, is on track to cross the $300 million mark at the domestic box office this weekend, according to the Hollywood Reporter.

Fox News Digital's Lauryn Overhultz and the Associated Press contributed to this report.