Device launched by Steve Jobs in 2007 with promise to ‘reinvent the phone’ sells for 300 times original price

A 2007 Apple iPhone has been sold at auction for $190,372.80 (£145,416) – 300 times its original sale price.

The 4GB model , originally bought for $599, was still in its factory wrapping and was in exceptional condition, the auction listing said. The auctioneer LCG Auctions described the device as a “popular high-end collectible” and “exceedingly rare”.