Lou Gehrig watch sells for $340,000

This image provided by SCP Auctions show Lou

This image provided by SCP Auctions show Lou Gehrig's 1928 Yankees World Championship wristwatch that sold for $340,000 in an online auction on Monday, Aug. 25, 2014. Photo Credit: AP

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LAGUNA NIGUEL, Calif. -- A watch owned by Hall of Famer Lou Gehrig has been sold for $340,000 in an online auction.

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The buyer of the watch, given to Gehrig to commemorate the New York Yankees' 1928 World Series title, was not identified by SCP Auctions.

The bidding ended Monday, and the company made the announcement Tuesday. Both the company and the consignor agreed to make donations to their local ALS Association chapters, which fund research aimed at finding a cure for the disease named after Gehrig.

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