World's most expensive sheep has just been purchased for $490,000

A sheep sold for a record 350,000 guineas -- or around $490,000 in American money -- at an auction in Scotland this week.

The lamb, named Double Diamond, had generated buzz before the Scottish National Texel sale in Lanark started, according to a news release from the Texel Sheep Society. Bidding started at 10,000 guineas (about but $13,000). 

A bidding war drove up the price until an agreement was reached for the sheep to be shared between three farms. 

"It's just like every other business -- horse racing or the cattle business," Jeff Aiken, one of the winning bidders, told The Guardian. "Every once in a while something special comes along and yesterday an extra special Texel turned up. Everyone wanted a piece of it."

Texel sheep originated in Holland and are a butcher favourite, according to the Texel Sheep Society. 

It is traditional for livestock to be sold in guineas at auction in the United Kingdom, and one guinea translates to about $1.40 American dollars. 

The previous record for one sheep was 230,000 pounds -- over $307,000 in US money -- for a sheep named Deveronvale Perfection in 2009.