London Olympics champion Alexandre Vinokourov sold his bike at an auction for $243,670.
Vinokourov decided to donate the money to orphanages, reports Xinhua.
The bicycle was acquired by Tak Group, for a price which is almost five times more than the starting price.
Vinokourov, 38, was a member of Kazakhstan's squad which won the men's group road race in London. He immediately announced his retirement after the race.