A violin handcrafted in 1714 by Antonio Stradivari, the famous Italian luthier, has been sold for $11.25 million by Boston’s New England Conservatory (NEC) at a Sotheby’s auction. The music school will use the proceeds from the storied violin’s sale to create a new scholarship opportunity for students.

The money from the sale of the violin, which was once owned by the 19th-century virtuoso Joseph Joachim, will benefit a scholarship program at the New England Conservatory.

The violin, made over 300 years ago by a legendary luthier, had been expected to sell for a higher price. The proceeds will go toward a scholarship program at the New England Conservatory.

Stradivarius violins often sell for millions. There's a long history behind them, and violinists who swear they sound better than modern ones.

A Stradivarius violin has sold for $11.25 million (£9 million), with the auction house claiming it is one of the most expensive musical instruments ever sold.

The conservatory plans to establish the largest student scholarship fund in its history with the proceeds from the 311-year-old instrument. Master luthier Antonio Stradivari crafted the instrument in Cremona,