Heritage Auctions said the jersey sold Saturday night in Dallas to a collector of American and sports artifacts who didn't wish to be identified.
The jersey was offered by Peter Noble, who was three years behind Obama at Punahou School.
Noble, now 55 and living in Seattle, said the jersey was destined for the trash when he picked it up.
Years later he saw an old photo of Obama wearing a No. 23 jersey while at school.
The auction house says details on the shirt match the one Obama is photographed wearing.
Noble says a portion of the sale will go to the school.