The 17 metre-long female Diplodocus skeleton, nicknamed 'Misty', is believed to be one of only six relatively complete specimens in the world.
The 150-million-year-old fossil carried an estimate of 400,000 to 600,000 pounds as it went under the hammer at Summers Place Auctions in West Sussex, yesterday.
Rupert van der Werff, from the auction house, said it was a "truly tremendous object".
"I'm absolutely thrilled. It has been an awful lot of work and a very exciting project, and to finally get to this final conclusion - we are delighted.
The skeleton was discovered in 2009 in the US state of Wyoming by the children of famed German paleontologist Raimund Albersdoerfer.
It was then prepped at a leading fossil laboratory in Holland before being assembled in the UK.
Before the auction, the Natural History Museum, in London, said it would not be bidding for the dinosaur despite its own diplodocus only being a cast of one displayed in Pittsburgh.
That skeleton cast is itself made up of two different diplodocuses.
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