Richard Burton, whose auction agent had dropped out of the bidding when the price broached the $1 million threshold, subsequently purchased the diamond for his wife, Elizabeth Taylor, soon after the auction.

He was instrumental in building the Royal Philatelic Collection and often acted as auction agent for King George V of the United Kingdom by whom he was awarded a Royal Warrant.

An employee of the auction agents said: "The opportunity exists to explore a wide range of alternative uses for the tower, subject to planning permission, the tower is being offered together with 6.6 acres of pastureland and there are two other buildings, which are in a poorer condition but could be improved."