The transfer smashes the club's previous record fee, the £2.5 million (according to the Mail) that was paid for South African forward Tokelo Rantie. Until that deal, Bournemouth hadn't even paid £1 million for a player.
22-year-old Mings spent three years at Portman Road after signing from Chippenham for just £10k, meaning he has earned the club back an incredible profit. He took over the left-back spot after Aaron Cresswell moved to West Ham, making 44 appearances last season.
As part of the deal, Bournemouth will send midfielder Ryan Fraser to the Tractor Boys for a season-long loan.
Ipswich fans were generally appreciative of the young defender's time at the club, while many others seemed to be surprised with the size of the fee.
Below is a selection of some comments from Twitter:
No matter how you look at it, Ipswich got the better end of the Mings deal with Bournemouth. 8 million + Pitman is a cracking deal!— Dick Law (@DickLawAFC) June 27, 2015
Bournemouth Forum: "So the list of Left Backs we've paid money for over the past 20 years is: Warren - £50k, Daniels - £180k, Mings - £8m."— Harry Wainwright (@HarryFromBath) June 26, 2015
Bournemouth have paid well over what Tyrone Mings is worth not even worth £1million in my opinion, just a young English Reda Johnson— AaronStatham (@Statham260797) June 27, 2015
When you take into account Bournemouth spending 8mil on mings, an unproven championship defender. 10.7mil for payet is such a good deal— Luke Edwards (@lukee1992) June 27, 2015
Just seen #afcb have signed Mings for £8m (eight)!!! madness.— Kyle Froomes (@KyleFroomes) June 27, 2015
@donutplains87 if mings is 8 mil I'd pay 12 for him, realistically I'd pay 5-9 mil— connor whitehair (@cdog10ncfc) June 27, 2015
Looking forward to seeing Mings in action. £8mil seems a lot now but time will tell. Pleased Fraser is going to get experience at #itfc too— Nick Case (@NickDCase) June 27, 2015
I've got a feeling that mings will become a big player in the next few years!— James Burrows (@JamesBurrows6) June 27, 2015