Canterbury Museum was vying to buy it but was unsuccessful as it dropped out of the bidding when it reached $151,000.
Museum director Anthony Wright told the Herald they are really disappointed that they couldn't keep one of the jetpacks in Canterbury.
"But we know there are more Martin jetpacks out there and we hope the publicity around our bid might encourage someone to approach the Museum about donating one.
"We haven't given up on one day telling this story of Canterbury innovation in our galleries," he said.