SCP Auctions confirmed the winning bid which makes it the most expensive piece of Olympic memorabilia of all time.
It was also considerably higher than the $1 million price tag it was expected to go for.
The medal’s historical significance cannot be overestimated. Owens famously won four gold medals while competing in front of Adolf Hitler in Berlin. He emerged victorious in the 100 and 200-metre runs as well as the long jump and the 4x100-metre relay.
One interesting twist to the auction was the confusion over which medal was being auctioned off.
There are no markings on the medal or the container in which it was stored to indicate which event Owens won to receive it.
There is also confusion about the exact whereabouts of the other three original Owens medals, which is a factor SCP believed drove up the price of the Owens artefact on auction; there are four 1936 Jesse Owens medals on display at the Ohio State University library, but the library acknowledges that those are replacement medals which were provided by the German government.
The previous highest fee paid for a piece of Olympic history was the silver cup for the first modern Olympic marathon winner - an item which sold for an Olympics-record $865,000 (£528,000) in April 2013.
However, it is not even close to being the highest price ever paid for a piece of sports memorabilia.
A baseball jersey worn by Babe Ruth takes that honour after it sold for $4.4m last year.