Rare Dinosaur Fossil Sells for $47.3 Million in Just 12 Minutes

NEED TO KNOW The Nanotyrannus skeleton nicknamed "Jodi" became the second-most expensive dinosaur fossil sold at auction Six bidders competed for 12 minutes before an undisclosed buyer secured the rare specimen Scientists recently confirmed Nanotyrannus was distinct from T. rex, with only three known skeletons A dinosaur resembling a smaller version of the fearsome Tyrannosaurus rex has made headlines after its fossil skeleton sold for an astonishing $47.3 million.

The specimen, known as Nanotyrannus, was recently identified as a distinct relative of T. rex rather than a juvenile version of the larger dinosaur. The rare fossil was purchased by an undisclosed buyer during an auction in New York City on Tuesday, Oct. 27, according to the Associated Press .

The final price far exceeded expectations, as the auction house had estimated the skeleton would sell for between $6 million and $9 million. Nicknamed "Jodi," the fossil has become the second-most expensive dinosaur skeleton ever sold at auction. It follows the record-setting sale of a T. rex specimen called "Gus ," which fetched $50.1 million at Sotheby's earlier this past summer.

The identity of Jodi's new owner remains a mystery. Sotheby's reported that the winning bidder competed against five other potential buyers through online and telephone bids during a live auction that lasted around 12 minutes. Living around 67 million years ago during the Cretaceous period, Nanotyrannus shared its environment with T. rex.

Although it was roughly half the length of an adult T. rex, it had several distinguishing features, including longer arms, larger claws on its hands and narrower, blade-shaped teeth. Sotheby's described "Jodi" as a high-quality fossil suitable for public display, featuring approximately 191 fossilized bone elements and a remarkably well-preserved skull that is nearly complete, according to the BBC .

Dinosaur specimen "Jodi" Nanotyrannus on display at Sotheby's Credit: Sipa via AP According to the auction house, only three Nanotyrannus skeletons of this kind are currently known to science. Jodi is the first Nanotyrannus skeleton to go up for auction since US researchers established that it was a distinct genus.

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. The fossil was named in honor of Jodi Pierson, a Montana rancher who found the dinosaur remains on her property in 2019, according to the AP.

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