A new world record price for a book by Jane Austen was set at Sotheby's in New York on Wednesday.

A rare first-edition copy of Sense and Sensibility, once owned by the late Princess of Wales's ancestors at Althorp, fetched a double-estimate $81,250--around £55,000.

The book, in three volumes with its original boards, was published in 1811. It belonged to the second Earl Spencer and still features the family's armorial bookplates.

More recently, the book was owned by American songwriter, Jerome Kern.

Altogether, five Austen first editions were sold, realising nearly £200,000. The others were Pride and Prejudice--$43,875; Mansfield Park--$69,750; Emma--$22,600; Northanger Abbey and Persuasion--$69,750.

Austen, born at Steventon, near Basingstoke, lived at Chawton, near Alton, for eight years and wrote her best-known novels there. After a long period of illness, she moved to College Street, in Winchester, shortly before her death there in 1817 at the age of 42.