Bought from Russia
The U.S. state of Alaska was purchased by the United States from the Russian Empire in 1867. Before that year, the vast northwestern territory was a Russian possession. The United States bought it for a price of 7.2 million dollars - which worked out to only about two cents per acre.
Why Russia Sold
Russia had several reasons for selling. The territory was extremely far from the centre of the Russian Empire and very difficult and expensive to defend and supply. Russia worried that it might lose the land in a future conflict anyway, and decided that selling it to the United States was the wiser choice. The deal was negotiated and signed, and the land was formally handed over later that year.
Sewards Folly
At the time, the purchase was controversial. Some Americans mocked it, calling it "Sewards Folly" after the U.S. official who arranged the deal, believing the cold, distant land was worthless. History proved the critics wrong. Alaska turned out to be rich in resources such as gold and oil, and it eventually became the 49th state of the United States. Today it is the largest U.S. state by area.
Source
This article was written using information from Wikipedia.