On Friday afternoon, Commonwealth Bank revealed they were the mystery winner of the auction, sharing they intend to exhibit the cap in the Bradman Museum in Bowral after a national tour.
"We're taking Shane's baggy green on a national tour to raise additional funds for bushfire-affected communities before it becomes a permanent exhibit at the Bradman Museum in Bowral," Commonwealth Bank posted.
Commonwealth Bank CEO Matt Comyn said he was "delighted" to have won the auction, supporting the bushfire appeal.
"I am delighted that CBA has been able to secure Shane's cherished Baggy Green cap," Comyn said in a statement.
"This has not only raised another $1 million for bushfire relief, it will also enable us to raise further funds for the bushfire appeal as the cap commences a fundraising tour across the country before retiring as a permanent exhibit at the Bradman Museum in Bowral to be enjoyed by all Australians and cricket fans.
"I want to thank and commend Shane for giving up one of his most cherished possessions for such an important cause.
"He has demonstrated the same Aussie spirit we are seeing across the country with acts of generosity and dedication throughout this disaster as communities rally to support each other."
While Warne famously preferred to wear his wide-brimmed floppy hat on the field, he decided to donate his baggy green to raise money for the bushfire appeal.
Bidding for Warne's cap, which will come with an autographed certificate of authenticity, hit $200,000 an hour after opening and climbed higher in the following days before reaching seven figures.
Warne, who was named one of Wisden's five cricketers of the 20th century, was "blown away" and took to Twitter to thank all those who helped push the price up.
Social media lit up with praise for the Spin King. Former England captain Michael Vaughan tweeted "wow, incredible" and former Aussie Test star Marcus North wrote: "Wow … this is awesome … great work."
Warne joined the liked Ash Barty, Daniel Ricciardo and many others on a long list of high-profile members of Australia's sporting community to announce fundraising measures.
The AFL has also announced the resurgence of the State of Origin between Victoria and the All-Stars, with funds raised from that iconic clash to go towards the bushfire appeal.
Warne said it was the least he could do. "The horrific bushfires in Australia have left us all in disbelief," Warne said. "The impact these devastating fires are having on so many people is unthinkable and has touched us all. Lives have been lost, homes have been destroyed and over 500 million animals have died.
"Some of the images we're seeing are absolutely horrific."
The flood of donations from sportspeople began after Australian tennis star Nick Kyrgios said he'd donate $200 for every ace he hits in January before his Aussie teammate Alex de Minaur and John Millman jumped on board.
A stack of cricketers are donating sums of money based on how many sixes they hit or wickets they claim in this summer's Big Bash League, while Australia's Test attack pledged $1000 per wicket in the SCG Test.
Aussie NBA players have pledged $1 million towards the cause, but it's not just Australians donating, with international superstars like tennis stars Novak Djokovic and Maria Sharapova donating $25,000 each and US skateboarding legend Tony Hawk also chipping in.
— with AAP
