Cowardly Lion Costume Fetches Over $3M at Auction

Inside the high-stakes auction for this iconic piece of 'Wizard of Oz' memorabilia and many other Hollywood items.
2:19 | 11/27/14

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Transcript for Cowardly Lion Costume Fetches Over $3M at Auction
And finally, if you're planning to watch a classic movie or two this Thanksgiving eve, you may be interested to know that some of the most iconic outfits in Hollywood history are occasionally up for grabs. Most recently, in a special auction just this week. I have a feeling we're not in Kansas anymore. Reporter: It's been 75 years since Dorothy and her little dog toto followed the yellow brick road. "The wizard of oz," a timeless classic with priceless props, like Dorothy's slippers. Since the film's release in 1939, most of the movie's memorabilia donated to museums. But just this week, that beloved cowardly lion costume. ? Be a lion ? ? not a mouse ? ? if I only had the nerve ? Reporter: Was up for grabs in New York. The only costume believed to survive the protection are Dorothy and the cowardly lion costumes. Reporter: Weighing in at 60-plus pounds, the costume is quite literally one of a kind. I haven't any courage at all. I even scare myself. It was made out of a real lion and unfortunately, they had to use one costume throughout the film. Reporter: It languished in the back lots for decades until James received a surprising phone call in 1995. And he had this big black garbage bag and he dumped it on the table and there was a real lion hide. Reporter: The cowardly lion sparked a hot bidding war. The costume sold for well over seven figures to anonymous telephone bidder in the U.S. Yet, the record-setting price tag is still held bill that ivory halter dress, worn by Marilyn Monroe in "The seven year itch." This is delicious! Reporter: The winning bid? 4.6 mil. It has been part of a massive collection by Debbie Reynolds. She showed off some items to George stephanopoulos in 2011. You are some investor. $5.52 million? And my husbands didn't get it. Reporter: As for the cowardly lion costume, off to a new adventure and a new home. And you know what they say. There's no place like home.

This transcript has been automatically generated and may not be 100% accurate.

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