Christie's auction house said it's one of about six believed to have survived to this day. It had been expected to sell for $60,000 to $80,000.
The identity of Wednesday's winning bidder hasn't been disclosed.
Ironically, the cork-filled life jackets were one of the leading causes of death on the Titanic. If a person jumped overboard from 10 feet up or higher, their necks would be broken upon impact with the water. The jackets were made by "Fosberry London" manufacturing stamp. The jackets were made of solid cork, wrapped in canvas. Although the cork provided buoyancy, many people died because of this material. When jumping or being pushed into the water from over 10 feet up, the cork would catch the person under the jaw, effectively snapping the head back and breaking the neck.