The red jacket that Michael Jackson wore in his famous 'Thriller' video sold for a whopping $1.8 million at the Julien's Music Icons auction this weekend in Beverly Hills, Calif.

The jacket was expected to fetch between $200,000 and $400,000 but the winning bid blew those numbers away. Part of the proceeds from the sale of the jacket will benefit the Shambala Preserve, which now houses the late singer's two Bengal tigers.

The buyer is Milton Verret, a Texas-based commodities trader. He says the jacket will be shown around the country in a tour that will help raise money for children's charities.

In addition to the jacket, dozens of other Michael Jackson items also were sold at the auction. One of his shiny crystal gloves went for $330,000, while a poster with Jackson's handwritten lyrics to 'We Are the World' sold for $270,000. This past Saturday (June 25) marked the two-year anniversary of the King of Pop's death.

Watch the Michael Jackson 'Thriller' Video