Apple founding contract fetches $1.5 mln at auction

The contract that established Apple (AAPL.O) as a corporate entity in 1976 sold at auction on Tuesday for $1.59 million, 10 times its estimated price, two months after the death of high-profile co-founder Steve Jobs. The contract, sold with another document that removed one of the company's initial three partners after just 11 days, was the subject of fierce bidding by six people taking part in the auction over the telephone and online, Sotheby's said.Eduardo Cisneros, chief executive officer of Cisneros Corporation bought the documents, which had only been expected to fetch up to $150,000 at its auction of books and manuscripts in New York. The contract established the Apple Computer Company and states that Jobs and Steve Wozniak would each be given 45 percent of Apple's shares. Ronald Wayne, who drafted the contract, was given 10 percent.

Sold, for $1.5 Million, and it's just a piece of paper Click here for full story