Princess Diana dancing with John Travolta in the entrance hall at the White House.

The famous Edwardian gown that Princess Diana wore while dancing with John Travolta during a 1985 state dinner at the White House was sold for a staggering $800K at a Toronto auction.

Apart from the iconic gown, the Waddington's auction house also featured a number of other designer gowns of the late princess who was known for her unique sense of fashion and elegance.

Prior to the auction, the silk velvet gown designed by Victor Edelstein was estimated between $800,000 and $1 million.

I think that that dress still represented $800,000 and an exponential return on its original purchase price, and I think 10 years from now people will be looking on that price as a bargain, the ChronicleHerald quoted Stephen Ranger, vice president of business development for Waddington's stating.

Other highlights of the auction include a silk creation by designer Catherine Walker which sold for $340,000, a black halter dress for $210,000 and a dinner dress sold for $250,000.

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