Darren Julien, president and CEO of Julien's Auctions in Beverly Hills, says the jacket was purchased Sunday by Milton Verret, a commodities trader from Austin, Texas.
The jacket is one of two Jackson wore during the filming of the 1983 "Thriller" video. Jackson wears the jacket in a scene with a troupe of zombies who rise from their graves and break into a dance routine.
Verret says the jacket will be sent on tour and used as a fundraising tool for children's charities.
A portion of the sale price will go to the Shambala Preserve, a big cat sanctuary caring for two tigers Jackson one owned.