Dorothy's 'Wizard of Oz' dress fetches nearly $500,000 at auction

The iconic blue gingham dress Judy Garland wore in "The Wizard of Oz" has a new owner, who's about half a million dollars poorer in the transaction.

The dress was the big-ticket item in a weekend auction of Hollywood memorabilia by Julien's Auctions in Beverly Hills. The buyer, whose identity wasn't disclosed, paid $480,000 for it. That's more than twice median home price in the United States.

Why such a fuss over the frock? The auction house says it's the only combination of Dorothy's dress and blouse from "The Wizard of Oz" that's still in existence.

Other items in the auction included clothing once owned by Marilyn Monroe -- a skirt she wore while filming "River of No Return" in the early 1950s was sold for $50,000; a dress worn by Julie Andrews in "The Sound of Music" ($38,400); and a jacket Steve McQueen wore in a 1970 race ($50,000).