The jacket, which fetched several times its estimate of between $200,000 and $400,000, has "Love Michael Jackson" written on the sleeve, and a dedication in the lining to his long-time costume designers, to whom he gave it.
No details were disclosed about the buyer, after the amount of the winning bid was posted on the website of Beverly Hills auction house Julien's.
The auctioneer described the jacket as "among the most recognizable and famous garments of the 20th century," saying it sparked a 1980s fashion craze when it was copied and sold to adoring Jackson fans worldwide.
"The black and red style of the jacket became so identifiable with Jackson's groundbreaking (video) that he continued to use jackets of the same design when performing the song 'Thriller' for the duration of his career," it said.
The jacket is one of two which Jackson used during the ghoulishly iconic video, the other being on display in the Rock and Roll Hall of Fame in Cleveland, Ohio.
Part of the proceeds from the sale will go to the Shambala Preserve in California, where Jackson’s two Bengal tigers, Thriller and Sabu, have been living since 2006 when Jackson left the Neverland Ranch, it said.
On Saturday, fans paid their respects on the second anniversary of Jackson's death at the age of 50. (AFP)
