shtreimelMendy Hechtman/FLASH90

A haredi businessman has purchased the shtreimel of the late sage Rabbi Chaim Kanievsky for a whopping $1.8 million.

The businessman made the purchase at an auction house that was selling items that belonged to Rabbi Kanievsky, after bids from other prospective buyers drove up the price significantly.

The shtreimel has a deeper history, as Rabbi Kanievsky inherited it from his father-in-law Rabbi Yosef Shalom Elyashiv, the former leader of the Lithuanian-haredi community in Israel. Rabbi Elyashiv gave him his old shtreimel after buying a new one for himself.

Rabbi Kanievsky would wear the shtreimel while reciting the kiddush and blessing after meals on Jewish holidays.

The price of a new shtreimel, which is often worn by hasidic haredi men after they get married, ranges from NIS 5,000 (about $1,400) to NIS 20,000 (about $5,500), with an average price of NIS 12,000 (about $3,300).