Actor LEONARDO DiCaprio is the new owner of the piano used in movie classic Casablanca after teaming up with a billionaire pal to purchase the item at auction on Friday (14Dec12).

The instrument which Dooley Wilson performed As Time Goes By on in the 1942 film went under the hammer at Sotheby's in New York for $600,000 (£375,000) - and the Titanic star was part of the duo which made the private winning bid.

According to the New York Daily News, DiCaprio and rich philanthropist Stewart Rahr teamed up to buy the piano, which they now plan on donating to the Los Angeles County Museum of Art.

Experts had predicted the studio piece would fetch as much as $1.2 million (£750,000) at Friday's sale.