New Delhi, July 19 -- A very rare dinosaur fossil has been sold for $30.5 million ( Rs.263 crore) at an auction in New York. It was a Ceratosaurus, a meat-eating dinosaur with a horn on its nose, sharp teeth and bony armour on its back and tail.

The buyer wants to loan it to an institution, which is suitable for a specimen of this "rarity and importance", Sotheby's auction house said.

Professor Steve Brusatte has called such high prices shocking. The dinosaur expert from the University of Edinburgh feels museums cannot afford them.

"While I'm pleased that the buyer might loan the skeleton to a museum to be put on display, at this point, it is just a vague suggestion. The buyer is still anonymous," Brusatte told CNN.

He fears the fossi...