Paul Fraser, a United Kingdom-based memorabilia collector bought the 10cm hair at an auction in the US, media reports said.
The hair was kept by a German barber who gave him a trim as he was about to film 'How I Won The War in 1966'.
"This is the largest lock of Lennon's hair ever sold at auction," Spokesman of Dallas-based Heritage Auctions Garry Schrum said yesterday.
Schrum said the bidder got a "good chunk of Lennon's hair".
The haircut took place just a month after the release of the band's legendary 1966 Revolver album.
Lennon, English singer and songwriter who rose to worldwide fame as a co-founder of the band the Beatles, the most commercially successful band in the history of popular music. Lennon died in 1980 at the age of 40.