Shore's Boston Bruins No. 2 sweater was sold to an anonymous collector from New York on Saturday at Heritage Auctions' Sports Platinum Night Auction.
Previous owner Scott Johnston had planned to frame the jersey and hang it up before he found out how much it was worth.
He had hoped to fetch around $100,000 for the jersey once worn by Shore, a four-time winner of the NHL's most valuable player award.
The jersey belonged to Johnston's grandfather, Byron Johnston, who played for the Boston Bruin Cubs in the defunct Can-Am Hockey League in the 1930s.
Shore was inducted into the Hockey Hall of Fame in 1947, the same year the Bruins retired his number.
He died in 1985 of a lung infection aged 82.