Julien's Auctions, which oversaw the bidding, announced that Milton Verret of Austin, Texas, bought the jacket and plans to display it in the city's Dell Children's Hospital.
The jacket, worn in the 1982 hit music video, was put up for auction by Jackson's costume designers, Dennis Tompkins and Michael Bush. Jackson inscribed the jacket's inner lining with, "To Bush and Dennis, All My Love, Michael Jackson." The sleeve is also signed "Love Michael Jackson."
The auction took place Sunday, just a day after the two-year anniversary of the singer's death. Part of the proceeds from the sale will go to Shambala Preserve, the location of Jackson's Bengal tigers.