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A sweater once owned by British royal Princess Diana sold for $69,940 (£42,739) at auction on Wednesday.

The item of clothing, which was gifted to Diana, Princess of Wales by the founder of the Virgin Group, Sir Richard Branson, was expected to fetch around $6,545 (£4,000). But when bidding closed on the piece, which was sold through RR Auction house in Boston, Massachusetts, it had exceeded the estimated value by more than 10 times.

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The royal famously delighted in trolling paparazzi by wearing the garment on a near-daily basis, but she gave the navy sweater, which features the print of a woman in a red dress and the words “Fly Virgin Atlantic”, to her personal trainer Jenni Rivett months before her death on August, 31, 1997, along with a note that read: “Dearest Jenni, Lots of love from, Diana, x”.

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Jenni later confessed Diana believed that “wearing the famous Virgin sweatshirt to every session would be a good way to stop the media frenzy.”

The sweater, which remained unwashed since inherited by Jenni, was sold to an anonymous bidder from California. Proceeds from the sale will be donated to help a Malawian family in South Africa, where the personal trainer is from.