The customized VOX guitar was the centerpiece of the annual Music Icons auction held Saturday at the New York Hard Rock Cafe by the Beverly Hills, California-based auctioneers.
Julien's Auctions had valued the guitar ahead of the auction at between $200,000 and $300,000.
The guitar, which had been at several exhibitions prior to auction, was a gift from John Lennon to "Magic Alex" Mardas, an engineer at Apple Records and a friend of the band in 1967, Julien's said.
Harrison used the guitar while practicing the song "I am the Walrus." Lennon played it during a video session for "Hello, Goodbye."
Some 450 other items were also auctioned at the event, including the pants that Elvis Presley wore in the "Jailhouse Rock" movie, a jumpsuit worn by 70s pop star David Cassidy and objects from David Bowie, Michael Jackson and the Grateful Dead.
An electric guitar that Elvis once played on sold for $50,000, while sunglasses that "the King" once wore sold for $28,125.