The winning bidder on the iconic jacket was Milton Verrit, a gold trader from Austin, Texas, who bid in person at Julien's auction house in Beverly Hills, the day after the second anniversary of Jackson’s death.

Verrit’s personal collection also includes another Jackson jacket, as well as guitars signed by members of U2.

The red leather jacket with black striping was designed by Deborah Landis, wife of film director John Landis, who directed the seminal ‘Thriller’ video.

It is one of two jackets made and used for the ‘Thriller’ shoot, and it is signed on the sleeve by the singer himself. The other jacket, which is in a scuffed condition, is owned by the Jackson estate.

After the auction, winning bidder Milton Verrit told a press conference that the jacket is: "One of the most important pieces of rock 'n' roll memorabilia in history.”

The Thriller jacket will now be displayed at a children's hospital in Austin, before being sent around the world and displayed at various charity events.

Part of the proceeds from the sale are to be donated to the Shambala wildlife reserve, where two Bengal tigers once owned by Jackson, Thriller and Sabu, now live.

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