There are thought to be only 15 of the stamps in existence and they are only exceeded in value by the legendary matching Two Pence Blue, of which only 12 are believed to survive.
Worried that a burglar would seize it, Ullrich Schulze hid the Red, which he had inherited from his father, in an album full of almost worthless German stamps and then forgot the hiding place.
For 20 years, philatelists described the specimen and the card it is on as the "limbo" Red, perhaps never to be seen again.
But, while looking for something completely different, Schulze stumbled on the treasure again.
The stamp was auctioned off on Friday for $277,000.
Eat your heart out, Dave! Photo credit to the Wall Street Journal.