Apparently, the Kings had been looking for a single buyer for quite awhile, but potential purchasers had been reticent to come up with the asking price. If so, the planned auction seemed to have removed their reluctance. No price was announced, but rumors are the buyer, King's alma mater, Atlanta's Morehouse College, offered $32 million. Sotheby's estimate was $15-$30 million. Among those institutions rumored to be considering or planning to bid were the Library of Congress, the Smithsonian, the Schomberg Center for Research in Black Culture in New York, Duke University, the New York Public Library, the University of Texas, the Gilder Lehrman Institute in New York, and Boston University, where King earned a doctorate and which currently houses many of his papers. However, as a result of Morehouse's offer, the collection will remain in King's hometown of Atlanta. While the source for Morehouse's funds was not announced, reports are that numerous local businesses and philanthropists pledged funds to support the purchase, while a bank provided the loan to close the sale while funds are being raised. Even some outside businesses, such as Wal-Mart, are said to have contributed to the cause.

In a news release, Sotheby's Vice-Chairman David Redden was quoted as saying, "Sotheby's is thrilled that the papers of Dr. King, one of the greatest world leaders, are going to the city he called home." Dr. King's son Dexter King is also quoted as saying, "This is a wonderful outcome for this collection. I know my mother would have been happy to see the collection housed permanently in Atlanta, which always meant so much to her and to our family." This is one auction that, despite never taking place, still managed to have a happy ending.