NEW YORK (Yahoo! News) – The shimmering, white glove Michael Jackson wore when he premiered his trademark moonwalk dance in 1983 was auctioned off for $350,000 — plus tax — on Saturday.

Winning bidder Hoffman Ma of Hong Kong will pay $420,000, including taxes and fees, for the rhinestone-studded, modified golf glove Jackson wore on his left hand for his moonwalk on Motown’s 25th anniversary TV special.

The glove was the top item in a collection of Jackson memorabilia on the block at the Hard Rock Cafe in Times Square. Its pre-auction estimate was $40,000 to $60,000.

“It was a fairly good discount,” said Ma, a 36-year-old Jackson fan who bought the pop-music treasure on behalf of the Ponte 16 Resort Hotel in Macau.

As the price of the glove soared, fans roared and squealed — echoing the kind of frenzy that accompanied the late pop star when he toured the world.

“That’s what death brings upon celebrity,” said Brendan Doyle, a college student munching chicken fingers from a plate in his lap. “Jackson’s death was such a tragedy at such a young age that it pushed up prices.”

The pop icon, who died June 25 at 50, had given the glove to Walter “Clyde” Orange, of the singing group the Commodores. Read on…

The glove wasn’t the only item up for sale. M.J.’s 1989 “Bad” tour jacket and his moonwalking fedora were also available for purchase.

The article didn’t mention where all the money gained from selling Jackson’s performance items was intended to go. I certainly hope the money is given right to his children. They deserve it.

In the 50 days since the King of Pop passed, a $100 million movie deal is already coming down the pipeline. And earlier this week, an LA judge allowed estate managers Branca and McClain to start an explosive memorabilia campaign that will sell Jackson trinkets to adoring fans everywhere.

The New York Times summarizes the great reversal in fortunes:

It has been 48 days since Michael Jackson died, and while family members of the late pop star are still at war with the executors of his estate, the answer to another question — how much the singer is worth in death — is becoming clear. He has already earned $100 million through a film deal and various merchandising contracts, and the executors expect another $100 million to roll in by the end of the year.

“Clearly that’s a new record for estates that likely will not be broken,” said John G. Branca, Mr. Jackson’s longtime lawyer who was named in Mr. Jackson’s will as a co-executor of the estate, along with John McClain, a music executive and Jackson family friend.

While several business deals have been reached — for things like commemorative coins, a line of school supplies and a $150 coffee table book — the matter of untangling Mr. Jackson’s vast estate, assets and debt, goes on, as does wrangling with family members.

The Jacksons estimate that Michael’s estate may end up bigger than any other celebrity, including Elvis Presley. Considering how popular Michael’s music continues to be on the Billboard charts, we think this is a pretty safe thing to bet on!

MJ wore a lot of gloves during his stint as a world super star, but this particular one has special significance. Jackson wore the glove during his 1983 “Billie Jean” performance, complete with moonwalk, which propelled him into mega stardom.

So, if you’ve got the desire (and a huge chunk of cash!), come on down to the Hard Rock Cafe in New York City’s Times Square on November 21 to bid!

The glittery glove that Michael Jackson wore when he unveiled his moonwalk on TV in 1983 is hitting the auction block.

This one isn’t like his other glittery gloves, which were made for the right hand and adorned with hand-sewn crystals. This left-handed glove, which accompanied Jackson’s fedora and dance moves on Motown’s 25th-anniversary TV special, is a modified, store-bought glove covered with a mesh of rhinestones.

The glove, which Darren Julien of Julien’s Auctions called “the Holy Grail of Michael Jackson memorabilia,” will be featured alongside other one-of-a-kind items — such as an early Madonna demo tape and unreleased Jimi Hendrix lyrics — at the Nov. 21 “Music Icons” auction at the Hard Rock Cafe in New York City’s Times Square.

Walter “Clyde” Orange, a founding member of the Commodores, has been holding onto the glove since Jackson gave it to him in 1983.

(From the AP)