A yacht?s log book anointed and autographed by late Beatle John Lennon after he sailed to Bermuda in 1980 for his last summer holiday has narrowly failed to reach its reserve price at a rock and pop memorabilia auction in London.

The journal from theyacht was one of the star items in the auction held at Madame Tussauds this week and was expected to fetch between $26,000 and $43,000.

But the highest bid for the book, which includes a sketch by the musician along with the hand-written message ?Thanks Megan, There?s no place like nowhere? and his signature, was just below the $26,683 reserve price.

Now the book is being offered for a straight sale to the highest offer made to Cooper Owen Auctioneers in the UK. The firm is already in talks with one potential buyer prepared to pay $24,000.

Ted Owen, a director of the auction company, said there was still time for anyone from Bermuda interested in acquiring the historical item to put in an offer during the next two weeks.

He was surprised the journal, which also includes signatures and messages from others who have sailed on the , did not reach its reserve price.

?It is a fantastic piece. I thought it would fly out. But there was a lot of other things going on in the world yesterday and it did not quite capture the imagination of bidders. But it is a true museum piece that will only grow in value,? said Mr. Owen.

Mr. Owen said: ?This time it just failed to reach the reserve price. We are now negotiating a sale. Normally for two weeks after an auction we accept further offers.?

Amongst the items sold at the auction this week was a school book that belonged to Lennon when he was 12 years-old and includes his illustrated interpretation of Lewis Carroll?s poem Walrus and the Carpenter, which many believe was a partial inspiration for Lennon?s 1968 Beatles? tune I Am The Walrus. The school book sold for $226,150.

The historical significance of the log book makes it a one-off item that will grow in value, said Mr. Owen.

During Lennon?s five-day sailing trip from Rhode Island to Bermuda in June 1980 he took charge of the chartered 43ft schooner after the captain and the other four crew were taken ill and was at the helm when the yacht weathered a fierce Atlantic storm to reach St. George?s hrabour.

In an interview Lennon recalled the events and how he had sung sea shanties as he was lashed by waves and rain while steering the yacht.

The ex-Beatles? trip to Bermuda has recently been listed as one of the 11 most significant moments of Lennon?s life. It led to him writing songs again after a five-year hiatus from the music business.

He enjoyed a two two month holiday with his young son Sean and later that year recorded his last album Double Fantasy ? its title inspired by a Double Fantasy freesia he?d come across in the Botanical Gardens ? before he was shot dead, aged only 40, outside his New York home in December 1980.

Lennon signed the yacht?s log book on June 11, 1980 and stayed in Bermuda until the end of July that summer, renting out a property on Knapton Hill and later one in Fairylands.

Anyone interested in making an offer for the log book should contact Mr. Owen in the UK on (011 44) 7900-825898.