Apple contracts worth $1.6M

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A three page document that started it all for Apple Computer Co. (AAPL) was sold for $1.59 million in a bidding at Sotheby’s New york.

Early estimates for the document pegged it at $100,000 to $150,000.

About 20 people and as many Sotheby’s staff witnessed the auction. The starting bid was $70,000. Six telephone and online bidders jousted for the prized document and the lucky guy, Eduardo Cisneros, CEO of Cisneros Corp., bagged the manifesto.

The document was originally owned by Ronald Wayne, who together with Steve Jobs and Steve Wozniak founded Apple. The document was signed on April 1, 1976.

A few days after the contract was signed, Wayne backed off the partnership. Wayne received $800 for his shares at apple which was at 10%. According to Sothesby’s, Wayne received an additional $1,500.

If we base Wayne’s 10% ownership today, it would be valued at $36 billion.

In an interview with Bloomberg, Wayne who was 77 a that time called the two Steve’s “intellectual giants”, but he also stated that he “also felt it was going to be something of a roller coaster.”

Photo credit: Sotheby’s via Bloomberg