June 27, 2011 07:39:19 GMT
The red and black leather jacket was initially estimated to draw at least $200,000 from the auction, but turned out surpassing bids for Elvis Presley, The Beatles and Frank Sinatra's memorabilia.
Two years after his sudden passing, Michael Jackson still managed to bring in a lot of money. On Sunday, June 26, an iconic black-and-red calfskin jacket the King of Pop wore in his music video for classic hit "Thriller" was sold for $1.8 million at an auction overseen by Julien's Auctions in Beverly Hills.
The Deborah Landis-designed jacket is signed on the sleeve by Michael and was estimated to raise bids of somewhere between $200,000 to $400,000. A portion of the proceeds from the sale will go toward the Shambala Preserve, which are home to the "Black or White" hitmaker's Bengal tigers Thriller and Sabu since 2006.
Darren Julien, president and CEO of Julien's Auctions in Beverly Hills, said the jacket was sold to Milton Verret, a commodities trader from Austin. Milton himself revealed he plans to display it at Austin's Dell Children's Hospital before sending it around the world in hopes to raise money for children's charities and hospitals.
Aside from the jacket, memorabilia from Elvis Presley, The Beatles and Frank Sinatra were also included in the auction. Among the items, Paul McCartney's bass guitar went to a bidder for the prize of $14,080, while Frank's 1986 Jaguar was sold for $19,000.