The big purchase was made by Milton Verret from Austin, Texas.
"It is one of the most important pieces of rock'n'roll memorabilia in history", The Guardian reports him as saying.
Verret has previously purchased other notable music memorabilia, including a different Jackson jacket and a guitar signed by all the members of U2 which, to be honest, sounds rubbish.
In an act of tremendous good will Verret plans to send the jacket, one of two used in the video, around the world to be displayed at various charity events. First, though, it will be shown at a children's hospital in Austin, with a portion of the money raised from the auction benefiting an animal reserve where Jackson's two Bengal tigers now reside. Obviously.