The rehearsal tape included unheard demos of Starman, Moonage Daydream and Hang on to Yourself.
Estimated at £5000-10,000 at the sale in Newton-Le-Willows, Merseyside, it was knocked down at £41,000.
The 5in reel 2 reel contained a series of tracks which were recorded at Trident studios during the second half of 1971. The recordings were collated by Mick Ronson, the guitarist, songwriter, arranger and producer who worked with Bowie on several albums.
Ronson gave the tape in late 1971 to his friend and neighbour from Hull, Kevin Hutchinson, who, at the time, was a budding teenage musician writing his own songs (he would also record his own songs at Trident Studios). Hutchinson was the vendor at the Omega auction.
The total length of the recordings on the tape was approximately 44 minutes. The demo of Starman runs to 4 minutes 31 seconds and Bowie can be heard saying at the end of the song that it remained unfinished.
Assistant auction manager at Omega Auctions Dan Hampson told the BBC that the tape was "possibly the first ever demo version of Starman".
As well as Moonage Daydream (4 minutes 35 seconds) and Hang Onto Yourself (2 minutes 10 seconds), the other tracks on the tape include Five Years, Rock & Roll Suicide, Round & Round, Amsterdam, Holy Holy, Ziggy Stardust, Velvet Goldmine, Soul Love and Lady Stardust.
The tape had reportedly been kept in a loft for almost 50 years and was sold as the vendor wished to declutter.
The buyer’s premium was 20% plus VAT.