A member of the Churchill family smashed the reserve price on a gun which helped save Sir Winston's life.
The revolver, which he used during an escape in the Boer War, was sold for £32,000 yesterday at Lewes auction house Wallis & Wallis.
This was more than double the reserve price for the six-shot pinfire revolver.
Roy Butler, senior partner at the auction house, said: "I was surprised. I knew we could get our reserve of £15,000 and perhaps a little more but I did not dream it would go for that figure."
He said a man at the auction managed to fend off a rival telephone bid for the gun.
Mr Butler said: "When he said he was a member of the family, everybody in the room clapped."
The young Churchill was serving in the 4th Hussars and working as a war correspondent in South Africa in 1899 when he borrowed the gun from British homesteader John Howard.
After seeking shelter with Howard, Churchill was sent on his way with a basket of food and the gun. He sneaked on to a train and escaped over the border.
Two years later, he returned the revolver with a glass brandy flask and fitted silver cup.
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