The strapless black taffeta dress worn by Lady Diana Spencer to her first soiree with Prince Charles after they were engaged sold at auction for $277,068.

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The dress, with its form-fitting bodice and low-cut ruffled neckline, transformed the eventual princess of Wales from 19-year-old "Shy Di" in 1981 to one of the world's most influential fashion mavens, The Times of London reported Wednesday.

The dress, which Kerry Taylor Auctions in London estimated would sell for about $72,000, was sold to Fundacion Museo de la Moda, a Chilean museum.

The garment was thought to have been destroyed but was found in the garage at the home of the dress's designers, David and Elizabeth Emanuel, The Times said.

The designers were asked to take the dress in, but it required so much work, they decided to make a smaller version for Princess Diana and stored the original, the auction house said.

Elizabeth Emanuel said she had no idea of the drama the dress would cause.

"She just looked fantastic," she said. "At that time, she was curvy. Not fat in any way, but she had cleavage -- we love cleavage. And she looked great in this dress. And I think from that moment on, Diana became a fashion icon."

The dress was one of 30 lots being sold by the Emanuels.