Auction house co-owner Gary Braswell tells The Hour newspaper that the suit's current owner decided to sell after experiencing some economic hardship. He did not disclose the seller's name.
Braswell said he did know how much the wool-blend suit would fetch, but noted that the suit and blazer together sold for $120,000 in 2005.
Music fans marked the 30th anniversary of Lennon's death on Dec. 8.