A dress worn by the late Diana, Princess Of Wales has sold at auction for $127,500 (£85,000).

The ballgown, designed by David and Elizabeth Emanuel, was worn by the tragic British royal at a number of high profile events, including the 1987 premiere of James Bond movie The Living Daylights and during a trip to the Bolshoi Ballet.

The dress was purchased by bosses of an overseas museum following a bidding war at the Passion for Fashion auction in south London on Tuesday (03Dec13).

The gown is encrusted with gold sequins, rhinestones, crystals and pearls and is accompanied by a matching petticoat, headband and optional sleeve panels. Diana selected the dress from 12 Emanuel frocks on display at a Red Cross benefit fashion show in 1996 and opted to buy the display dress rather than have it fitted to her specific measurements.

An auction house spokeswoman tells ABC News, "The dress suited her perfectly. Not many women could carry this dress off."

David and Elizabeth Emanuel also designed the dress Diana wore for her wedding to Charles, Prince of Wales in 1981.