The previous record is believed to be $250,000 for a copy of the same book sold nearly two decades ago.
The 40-page collection of poems was published in 1827. Poe wrote the book shortly after moving to Boston to launch his literary career.
No more than 40 or 50 copies of "Tamerlane" were printed, and only 12 remain.
The record-breaking copy is stained and frayed and has V-shaped notches on the outer and lower margins.