Auctioneer Martin Nolan said: "Michael's global appeal continues to rise. This is the legacy. This is what Michael Jackson wanted."
The two-day auction began on Saturday (25.06.11), which was the two-year anniversary of the 'Beat It' hitmaker's death.
Part of the proceeds from the sale which also saw one of the singer's wigs go under the hammer - will go to the Shambala Preserve wildlife reserve, where Michael's two Bengal tigers were re-housed when the singer left his Neverland ranch in 2006.
The jacket, which is signed "love Michael Jackson" on its sleeve, was one of two used during filming of the video with the other, which is thought to be in poor condition, owned by the Jackson estate.
In addition to the garment, dozens of other Michael Jackson items were also sold at the auction, including a crystal glove which fetched $330,000, while a poster with the lyrics to We Are the World handwritten by Michael sold for $270,000.
Auctioneers Julien's previously described the Thriller jacket as a "significant piece of pop culture".
They said: "We know of no other jacket that is so easily recognisable or one that so altered fashion history. It is the most recognised and significant piece of pop culture."