Prior to this auction, the sled was thought to be lost until director Joe Dante rescued it in 1984. It became not just a beloved collector's item but a notable Easter egg in films he directed, such as Gremlins 2. The sled's price tag makes it the second most expensive piece of film memorabilia, following the ruby slippers from The Wizard of Oz that sold for $32 million.

Joe Maddalena, an executive at Heritage Auctions, highlighted the sled’s importance alongside Dorothy’s iconic footwear, noting its status in Hollywood lore. Although the identity of the buyer was not disclosed, the significance of the Rosebud sled in Citizen Kane’s plot cannot be overstated—it encapsulates the film's emotional core, first released in 1941.

Past versions of the Rosebud sled have fetched significant sums, including one donated by Steven Spielberg to the Academy Museum of Motion Pictures. The sled sold recently had been hidden from view for years until Dante’s fortunate find. "As a fan and director, owning this prop that symbolizes a crucial aspect of cinema's greatest film is a dream come true," he stated.

With such high-profile sales and historical significance, the Rosebud sled continues to captivate film enthusiasts worldwide.