An agent for the sale, J. Paul Henderson, said an eBay executive notified him Friday night that the bid was not legitimate and that the bidder's account had been suspended, the Pittsburgh Post-Gazette reported.
Mawhinney said he began collecting the records when he opened his record shop, Record Rama, in 1968. He closed it Thursday, saying he wanted to spend more time with his family.
"I am legally blind," he said. "I had a couple of strokes a few years ago ... and it's time at my age to think about doing something else with my life."
Mawhinney said Saturday that he had already contacted six other bidders who had pledged more than $3 million on eBay and three others who approached him independently.
"It's still going to happen," he told The Associated Press.