The autographed red and black calfskin jacket far exceeded its estimated selling price of $400,000 (£250,000) as it went to a collector from Austin, Texas. A "buyer's premium" fee charged by the auction house brought the total cost of the jacket to $1.8 million (£1.13 million)
A portion of the proceeds from its sale at Julien's auction house, Beverly Hills, will benefit the Shambala Preserve in California where Jackson'stwo Bengal tigers, Thriller and Sabu, have been living since the pop star left his Neverland ranch in 2006.
A pair of sunglasses belonging to the "King of Pop" also went under the hammer for $50,000 (£31,000.)
Other items up for sale at the "Music Icons" auction included the wig Jackson wore when he announced his ill-fated "This Is It" concert series in London, a fedora, and a spangled glove he wore on stage.
The two-day auction of memorabilia was held two years after Jackson's death, at the age of 50, on June 25, 2009.