Matt Sayles, AP
The red and black leather jacket was purchased on June 26, 2011 by Milton Verret, a commodities trader from Austin, Texas, at Julien's Auctions in Beverly Hills. Verret purchased the jacket for several times more than it's anticipated price tag which was between $200,000 - $400,000. The iconic garb will be used as a fundraising tool, heading out on tour with the proceeds going to various children's charities.
The famed jacket sparked a fashion craze in the 1980s after Jackson and his troupe of zombies broke out into a dance routine in the music video. The auctioneer described the jacket as "among the most recognizable and famous garments of the 20th century."
Watch Michael Jackson's 'Thriller'