James Wright - a manager at Hendrix's label, previously owned the Fender Stratocaster made famous after Hendrix set fire to it at the Monterey Pop Festival in 1967... sold it for $380,313 at auction in London on Tuesday (11/27/12).
Wright explained the origins of the story and how Hendrix only set fire to the guitar to get one over on Pete Townshend of The Who, who had smashed up his guitar earlier in the day. "Jimi asked for some lighter fuel. He wanted to outdo Pete. At the time, it was his favourite guitar and he didn’t want to ruin it."
Legend has it that the guitar Hendrix was playing onstage was switched with a lesser, cheaper instrument moments before the burning.
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