A 110-year-old working lighthouse near the entrance of Boston Harbor has been sold for a record price.

The Boston Globe reports that the $933,888 cash bid for the Graves Island Light Station was the most ever paid for a U.S. lighthouse.

The U.S. General Services Administration, which conducted the auction, hasn't identified the new owner. It said 10 parties initially made bids, but only two remained as the price rose.

The five-story, two bedroom structure was built in 1903 and stands 113 feet high on a rocky 10 acres. It has a private dock, but no baths.

Under terms of the sale, the U.S. Coast Guard will maintain the lighthouse as a navigation aid and the new owner will be allowed to renovate it, subject to approval by state historic preservation officials.