The late Michael Jackson's 'Thriller' jacket has sold at auction for an astounding $1.8 million. 

The iconic red and black leather item went up for sale on June 25 and 26, and was bought by a Texas gold trader named Milton Verret who, according to Sky News, plans to use it to raise money for children's hospitals worldwide. 

Mr. Verret explained the importance of the item and said:

"It is one of the most important pieces of rock 'n' roll memorabilia in history" 

Watch the shortened version of the legendary music video for 'Thriller' here: