Apple’s establishing contract sells for $1.59m

Document sells for 10 times original price, purchased by CEO of Cisneros Corporation

Tags: Apple IncorporatedContract agreementsContractsUSA
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Apple’s establishing contract sells for $1.59m The contract that established Apple as a company in 1976 has sold at auction for $1.59 million. (AFP/Getty Images)
By  Georgina Enzer Published  December 14, 2011

The contract that established Apple as a company in 1976 has sold at auction in the US for $1.59 million, approximately 10 times its estimated selling price.

The contract, sold two months after the death of Apple co-founder Steve Jobs, was sold alongside with another document that removed one of the company's initial three partners after just 11 days. The documents were the subject of fierce bidding by six people taking part in the auction over the telephone and online, Sotheby's told Reuters.

The purchaser was Eduardo Cisneros, chief executive officer of Cisneros Corporation.

The Apple contract stated that Jobs and Steve Wozniak would each be given 45% of Apple's shares, while Ronald Wayne, who drafted the contract, was given 10%.

Wayne pulled out of the contract 11 days later, deciding not be become involved with the fledgling technology company.

Wayne was paid a total of $2,300 and was released from the contract, that 10% share would now be worth around $2 billion. Wayne sold the documents to a private collector in 1994.

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