Paul Newman's Rolex Sells For Record $17.8 Million

WESTPORT, CT — Actor and philanthropist Paul Newman's former Rolex watch sold for a record $17.8 million. Newman began wearing the watch in the late 1960's near the start of his car racing career.

Auctioneers thought the watch would sell for $1 million, but a 12-minute bidding war surged the price, according to the Washington Post.

Newman lived in Westport with wife Joanne Woodward for several decades.

Newman starred in many critically-acclaimed movies including Cool Hand Luke, Butch Cassidy and the Sundance Kid and The Color of Money.

He co-founded Newman's Own food brand, which has donated more than $430 million to charity. The company as created along with Westport neighbor A.E. Hotchner and first started out as a joke, according to his obituary.

Newman was also a race car enthusiast and his teams place fifth in the 1977 Daytona race and second in the Le Mans race in 1979, according to his obituary.

Image via Lois Bernstein/AP