Los Angeles: The iconic red and black leather jacket worn by Michael Jackson in his 'Thriller' music video has fetched a whopping USD 1.8 million at an online auction.

The jacket was estimated to fetch at least USD 200,000 at the Sunday's auction, overseen by Julien's Auctions in Beverly Hills. The auction house called the winning bid a "record", a newspaper said.

Julien's said that Milton Verret of Austin, Texas, was the winning bidder; he plans to display it at Austin's Dell Children's Hospital and hopes to raise money for children's charities and hospitals around the world in the spirit of Jackson.

The jacket was given by Jackson, who died in 2009, to his longtime costume designers Dennis Tompkins and Michael Bush. The inside lining is inscribed "To Bush and Dennis, All My Love, Michael Jackson," and the sleeve is signed "Love Michael Jackson."

A portion of the proceeds from the jacket's sale will benefit the Shambala Preserve, where Jackson's Bengal tigers Thriller and Sabu have resided since 2006.

'Thriller' went on to become the top-grossing single of all time and the 1982 album of the same name is the biggest-selling of all time.

'King of Pop' died on June 25, 2009 from an overdose of the sedative Propofol. He was 50-years-old.