Warne auctions baggy green for $1 million

Australian cricketer Shane Warne's baggy green cap has fetched more than $1 million at auction

Australian cricket legend Shane Warne's baggy green cap has made more than $1 million at auction to aid those affected by bushfires, with the Commonwealth Bank revealed as the buyer.

When bidding closed on Friday morning, the famous cap was sold for $1,007,500 to 'M.C. from Sydney', according to the auction house's website.

The Commonwealth Bank of Australia (CBA) was later revealed as the buyer, announcing it would take the cap on a national tour to raise additional funds for fire-ravaged communities before it became a permanent exhibit at the Bradman Museum in Bowral, NSW.

The bank went head-to-head with 'W.C. from Gordon' in the final stages of the auction.

Proceeds will go to the Australian Red Cross bushfire appeal.

"I am delighted that CBA has been able to secure Shane's cherished baggy green cap," chief executive Matt Comyn said in a statement.

"I want to thank and commend Shane for giving up one of his most cherished possessions for such an important cause."

One of Wisden's five cricketers of the century, Warne played 145 Tests and claimed 708 wickets.

The 50-year-old is Test cricket's second-most successful bowler behind Sri Lanka's Muttiah Muralitharan who took 800 wickets.

"Thank you so much to everyone that placed a bid and a huge thank you/congrats to the successful bidder - you have blown me away with your generosity and this was way beyond my expectations!" Warne posted on social media.

"The money will go direct to the Red Cross bushfire appeal. Thank you, thank you, thank you."

Warne is one of many local and international athletes throwing their support behind fundraising for bushfire victims.

Bidding on Warne's cap reached $1 million two minutes before the original 10am deadline.

The auction was extended for almost 10 minutes because of a late flurry of bids.

The baggy green is presented to Australian players when they make their Test debuts.