Its owner said he was given the instrument because he could play it better than Harrison.
He used to do recording sessions for Handmade Films, the film production company co-founded by Harrison.
At the end of one of the recording sessions, Harrison asked the man, identified as Ray in the BBC One program, to play a “strange” guitar.
“It’s a strange old thing to play – I played a few notes and he said ‘Yeah you’re definitely getting more out of it than I am, it’s doing better for you, why don’t you have it’,” Ray recalled.
Expert Jon Baddeley said: “I think in 25 years it’s by far the most expensive thing I’ve ever seen.”
The owner said he was amazed at the guitar’s value and he still plays the instrument regularly.
“I never really thought about value, as George being a mate and all that. I don’t know what to say actually, I’m really taken aback by it,” he said.
“I didn’t realise it was worth that much money. It’s lucky I don’t keep it in the house.”
The owner also has a photograph taken in the 1970s of Harrison and his guitar collection, including the Fretless.
Baddeley said the photo was the “icing on the cake”, as it showed the instrument once belonged to the Beatle, and valued the guitar at between STG300,000 and STG400,000.
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