It is one of the most famous and controversial pieces in the history of cinema: the floating wooden board that saved Kate Winslet's character in the movie "Titanic," Rose DeWitt Bukater, from the icy waters of the North Atlantic after the ocean liner sank – but not Jack Dawson, played by Leonardo DiCaprio. It has now been sold at a public auction for over $700,000.

Heritage Auctions wrote in the auction notes: "Often mistakenly referred to as a door, the ornate structure was actually part of the door frame located just above the entrance to the first-class lounge.

The pivotal role this wooden board plays in the "big scene, big goodbye," as described by the auction house, shows Rose floating on the flower-carved plank while Jack, who also tried and failed to lie on top, succumbs to the cold. When the lifeboat arrives, Rose has to lift her hand from his frozen grip – while uttering the famous phrase "I'll never let go, I promise," as she swims to her rescuers.

The auction house told CNN that the ornate wooden board had previously been displayed at Planet Hollywood in Orlando, Florida, before being stored in its archives for about two decades.

It was sold alongside a list of other props in the "Treasures from Planet Hollywood" auction, which included memorabilia displayed at Planet Hollywood locations worldwide and from its archives. These items included pieces such as the whip from "Indiana Jones and the Temple of Doom" and the axe from "The Shining."

With nearly 1,600 items in total, the five-day auction raised $15.7 million, according to a press release.

But the "Titanic" wreckage won the prize for the highest-priced piece, far exceeding its initial price of $40,000 and selling for a total of $718,750 after a fierce bidding war.

Several other "Titanic" tools were also put up for sale, including the pastel chiffon evening dress Rose wore in the movie on the night of the sinking and the ship's steering wheel, which sold for $118,750 and $200,000 respectively.

A 2012 episode of the Discovery program "MythBusters" found that two people could have survived long enough on the board – which is about eight feet (2.4 meters) long and just over three feet (one meter) wide – if they added a life jacket for extra buoyancy. However, in commenting on the results, "Titanic" director James Cameron told hosts Jamie Hyneman and Adam Savage that Jack needed to die regardless.

In 2022, Cameron, along with a hypothermia expert, tried to put the debate to rest once and for all by conducting a simulation test to see if two people of the same body mass as Winslet and DiCaprio could stay afloat on a piece of wood of the same size. Their final answer was no, it was not possible.

There was no additional testing of these theories on the piece itself before its sale, as the auction house chose to "handle all items with great care during transport and storage," according to Heritage Auctions to CNN. But its new owner, who chose to remain anonymous, may plan to spend a day in the pool, having been drawn to the allure of the mystery that lasted more than two decades.

Joe Maddalena, executive vice president of Heritage Auctions, said in a statement, "What you see is this huge interest in '80s and '90s movies." "There has been a generational shift where these massive franchises from the '80s and '90s – movies like 'Home Alone,' 'Indiana Jones,' and 'Die Hard' – are now favorites among collectors... finally collectors are rewarding these artifacts as they do with ancient fine art-like cultural relics.