The starting price for the film was about $480,000.
Event promoter Mikel Barsa said the six-minute video from the 1940s shows a young Monroe before she became a movie star.
But Monroe's estate has called the whole thing a fraud and experts on Monroe's life said it's highly unlikely that the young blonde in the film is her.
Barsa said he was still negotiating with an unidentified buyer from Denver whom he said was offering much less than a fair price.
But he also said his lawyers were reviewing the matter now that Monroe's protectors warned they would sue him if the sale went through.
The Associated Press contributed to this report.