The 4 1/2-foot-long bone was sold to the company that runs the Ripley's Believe It or Not museums. The price will top out at $9,600 when auction fees are included.
The final price was well below the $12,000 to $16,000 the item had been expected to bring.
The I.M. Chait Gallery says the Ripley's corporate office bought it with the intention of displaying it around the country.
Discovered in Siberia, the fossilized penis bone is from a species of walrus that went extinct 12,000 years ago. The piece curves to a point and is covered with weathered skin and dry muscle tissue. The auction house said it was believed to be the largest known mammal penis fossil.
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