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By Zachary Swickey

Arguably one of the most iconic items in musical wardrobe history, the red and black calfskin jacket that Michael Jackson wore in his classic “Thriller” music video (above) has sold at auction for an astounding $1.8 million.

Darren Julien, president and CEO of Julien’s Auctions in Beverly Hills, states the jacket was purchased over the weekend by Milton Verret, a commodities trader from Austin, Texas. Verret plans on sending the jacket on tour and using it as a fundraising tool for children’s charities. In addition, some of the auction’s proceeds will benefit the Shambala Preserve, a large cat sanctuary located in California that currently cares for two tigers previously owned by Jackson.

The $1.8 million price tag trumped the original estimated auction price of $400,000, and the two-year anniversary of MJ’s death is likely the reason. If you think almost two million bucks for a 30-year-old jacket is ridiculous, here’s a sampling of some of the crazy and pricey music memorabilia that has hit the auction block.

John Lennon’s 1965 Rolls Royce Phantom V - $2.3 million

Any item that has even been touched by John Lennon of The Beatles is worth a pretty penny. A 1965 Rolls Royce Phantom V limousine would be pricey today by any standard, but when previously owned by Lennon, it catapults in value exponentially to a pricey $2.3 million. That’s how much his wildly painted, psychedelic ride sold for at a 1982 auction (adjusted for inflation, it would likely go for several times that today). That’s a little bit more than the $2.1 million that “Faith” singer George Michael paid in 1990 for the cigarette-burned piano Lennon composed “Imagine” on.

Elvis Presley’s hair - $115,000

Elvis Presley’s barber must have been an interesting man or simply knew he was regularly hedging a gold mine every time he snipped some of The King’s hair. A few tresses of Presley’s hair sold for a freakish $115,000. Apparently, the hair-auctioning-biz is a legit market to tap into.

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It's been a long time since news about Michael Jackson focused on his music. But with the recent announcement of his forthcoming string of shows at London's O2 Arena, hopefully all that will change.

It's been a full 12 years since the self-styled King of Pop went on tour, but not the last time he performed onstage. In 2006 I was lucky enough to be a guest at the World Music Awards in London when MJ took to the stage for a highly anticipated performance. Unfortunately, what was billed as the singer's comeback performance was actually MJ singing just a few lines of "We Are the World." It was quite an anticlimax, leaving many fans with mixed feelings. Yes, people were thrilled to see MJ back onstage, but singing just a few lines — with no dancing whatsoever — just didn't cut it.

So last week, when MJ held a press conference in London announcing that he would be making a full-on return to the stage this summer — for what is now 50 dates, stretching from July into next February — ticket-sale hotlines were gridlocked with requests within minutes. The O2 arena is no small venue — only the biggest, most in-demand acts in the world play there.

Michael Jackson still fits that bill, and obviously his drawing power can't be underestimated: Organizers told the BBC that the shows are the fastest-selling in history.

The "This Is It" shows — an odd name, since Jackson hasn't clarified whether these are his last shows or just his last shows in London — are nonetheless history in the making. In his press conference MJ promised fans that he would be performing the songs that his fans want to hear — so what are the best Michael Jackson songs? Let us know…

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