It is believed fewer than 20 bottles of the 1951 vintage still exist, with a handful in private ownership and the rest in the Penfolds Museum.
"It is very unusual to get that sort of money, but this particular bottle is part of Australian wine history," Nick Stamford, owner of MW Wines which auctioned the bottle in Melbourne on Wednesday, told AFP.
"We believe it is one of the most expensive wines sold in Australia."
Penfolds, which has been producing since 1844, is known for its Grange -- Australia's most famous wine.
Since then, the heavy shiraz has grown in stature and each vintage is in high demand by collectors.
The bottle that was sold to an unnamed Melbourne enthusiast had Schubert's signature on the label, Stamford added.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)