The piece of memorabilia was part of a massive sale by Prop Store Auction in Los Angeles on Tuesday, where one mega-fan took home a piece of cinema history.
Before the auction took place, the team had a pre-sale estimate price of $150,000-$200,000 (£108,000 to £144,000) but it seems the opportunity was too big to pass up for one buyer, who forked out almost double to ensure it was theirs.
Created by the Herbert Johnson Hat Company, the fedora was a slight update on the version seen in the previous Indiana Jones movie, Raiders Of The Lost Ark.
The team worked closely with costume designers Anthony Powell and Joanna Johnston to incorporate a more tapered crown than the original.
The previous owners kept the hat in a plastic hat box to preserve it, with only light signs of age despite its use in the action-packed movie.
The auction is part of a three-day massive memorabilia event by Prop Store, with up to 800 pieces of cinema history being sold off.
Other sales yesterday included a set of glasses worn by Daniel Radcliffe in Harry Potter And The Deathly Hallows, which sold for $68,750 (£49,600) and Jean-Luc Picard's Ressikan Flute from Star Trek: The Next Generation, which sold for $237,500 (£171,400).
A heavily annotated, leatherbound script of Star Wars: The Empire Strikes Back, which belonged to the late Carrie Fisher, picked up a further $62,500 (£45,100).
The Indiana Jones sale comes just as filming for the fifth instalment of the franchise was put on hold after actor Ford, 75, suffered a shoulder injury.
Ford has not spoken out about the surgery, but it has been reported that production may be suspended until at least September while he recovers.
The untitled instalment is also believed to be Ford’s last outing as the adventurous archaeologist.
Watch: Harrison Ford suffers shoulder injury on Indiana Jones 5 set