The property at 9 Newcastle Road in Wavertree, Liverpool, where the Beatles singer/songwriter lived from his birth in 1940, went for £480,000 at auction in the Cavern Club.
An anonymous American fan of the Fab Four placed the winning bid over the phone, exceeding by far the guide price set at between £150,000 and £250,000.
Andrew Brown, managing director of auctioneer Countrywide Property, said: "There was a lot of interest in the property before the auction from potential buyers who lived in the UK and internationally.
"The auction was very exciting with a number of keen buyers bidding for the property and we are delighted to have sold such an iconic piece of The Beatles and Liverpool's history."
Stephen Giddins, regional sales director for selling agent Entwistle Green, said: "We are delighted for our client as we were consciously aware that there was a lot of interest in the property and we wanted to ensure that this translated into achieving the best price possible for them."
It boasts a lounge, upstairs family bathroom, a sitting room, family room and kitchen which leads to a walled yard round the back.
Lennon made reference to the house later in life, and was quote as saying: "I lived in 9 Newcastle Road. I was born on the 9 of October. It's just a number that follows me around."
The previous owner told the Liverpool Echo: "I'll be sad to leave John Lennon's first home but I am retired now and would really like a property with a bigger garden.
"I have made sure original features have been preserved so that they reflect the 1960s period, when the Beatles wowed the whole world with their rock and roll music."
Lennon's second home - Mendips, on Menlove Avenue in Woolton - was last year given Grade II listed status by English Heritage.