The academy successfully bid USD 344,000 for the movie memorabilia, according to Deadline.
Director Stanley Kubrick had destroyed most of the props, sets, costumes and models of the movie to prevent it from being used in other movies but this model survived because it was given away to an art teacher.
He had entered an agreement to use the model to teach students about the technology but all the electronics were removed from it.
The Shuttle model was auctioned off at the Premiere Props Hollywood Extravaganza Auction.