The Victoria Cross won by a naval hero who allowed his ship to be torpedoed so he could lure a German U-boat close enough to sink it today sold for a world record £840,000.

Vice Admiral Gordon Campbell's decoration - the highest award for valour - stormed past its estimate of £300,000 to go for a hammer price £700,000.

The First World War hero's cross was bought by his aristocratic relative, Baron Lorne Thyssen-Bornemisza, with fees bringing the added on the total price to £840,000 to beat the previous£678,000 VC auction record.

Admiral Campbell earned the gong for an incredible ruse in which he steered his ship - the HMS Farnborough - into an enemy torpedo a century ago.

After his ship sustained moderate damage from the impact, he then ordered his crew to look panicked and abandon ship.

The German captain of U-83 observed the 'emergency' through his periscope and steered the submarine to within 30ft of the ship to finish it off and pick up any survivors.

At that moment Admiral Campbell gave the order for his remaining crew to open up the ship's hidden guns and they fired off 45 shells at point black range.

The U-boat captain, Bruno Hoppe, was decapitated when he was hit as he climbed out of the conning tower.

The submarine sunk with the loss of 35 of its crew. There were two survivors but one of those later died of his wounds.

Admiral Campbell, whose grandfather was Sir John Campbell, the 7th Baron of Ardnamurchan and Airds in Argyll in Scotland, received the VC for the action on February 17, 1917.

Incredibly, he successfully used the same tactic twice more to sink two German submarines later on in the First World War.

David Kirk, of London auctioneers Morton and Eden, which sold the archive, said: 'We are absolutely delighted with this record sale.

'We thought it would exceed its pre-sale estimate but never expected to make what it has.

'Gordon Campbell was both a national hero and a true 'celebrity' of the Great War.

'In our opinion this historic VC group is one of, if not the single greatest naval VC group of the 20th centiry and is without doubt of the highest national importance.

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Victoria Cross won by First World War hero who let a U-boat TORPEDO his ship as part of a ruseis sold for a world record of £840,000 (http://www.dailymail.co.uk/news/article-5112447/Victoria-Cross-sold-world-record-840-000.html)