Gallipoli VC sold for record-breaking $1.2m

Australia's last privately-owned Victoria Cross, the highest award for bravery in warfare, has sold for a record $A1 million ($1.2m) at auction in Sydney.

The medal was awarded posthumously to New Zealand born Australian soldier Captain Alfred Shout.

He won it for the hand-to-hand combat in the Lone Pine trenches which claimed his life.

His elderly grandson Graham Thomas, who is battling cancer, decided to put it up for auction to provide money for his family.

The $1.2m paid is a new world record for a Victoria Cross. It was bought by an anonymous bidder.

John Millensted from Bonhams Auction House says the buyer wants the medal to go on public display at the war memorial in Canberra.

- RADIO AUSTRALIA