Henry Aldridge & Son auction house in Devizes, Wiltshire, England, sold the watch to a private collector in the US for the highest price ever paid for Titanic memorabilia.

The 14-karat gold Waltham pocket watch is engraved with the letters JJA.

John Jacob Astor, 47, went down with the Titanic on April 15, 1912 after helping his wife into a lifeboat.

Instead of trying his luck on another lifeboat, the wealthy businessman was seen standing smoking and chatting with another passenger on board during the final moments as the ship sank.

His body and gold watch were found 7 days after the Titanic sank.

The Titanic hit an iceberg on its maiden voyage from Southampton (England) to New York City (USA).

According to auctioneer Andrew Aldridge, Mr. Astor was believed to be one of the richest people in the world at the time of the Titanic's sinking, with a net worth of about $87 million - equivalent to several billion dollars today.