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OTRC: 'Thriller' jacket Michael Jackson wore put on auction

The jacket Michael Jackson wore in the 'Thriller' video. / Michael Jackson appears in the music video 'Thriller.' (Julien's Auctions / 1982 MJJ Productions)

The iconic red and black calf leather jacket Michael Jackson wore in the 1983 music video "Thriller" was been put on auction on Saturday, on the second anniversary of the pop legend's death.

The "Thriller" jacket is expected to go for as much as $400,000 at auction this weekend, with a starting bid of $100,000. Last year, an album of previously unreleased music, "Michael," sold 3 million copies worldwide.

Due to legal woes and spending, Jackson was nearly half a billion dollars in debt when he died from an overdose of Propofol, but experts estimate that his estate could earn "in the range of a billion dollars over the course of the next several decades," CBS News reported.

The singer, dubbed the King of Pop, died on June 25, 2009 at age 50. "Thriller" is regarded as one of the most famous music videos of all time and is part of the U.S. National Film Registry.

"You will not want to miss the sale of the 20th Century's most iconic piece of pop culture ephemera - Michael Jackson's 'Thriller' video worn jacket. We know of no other jacket that is so easily recognizable or one that so altered fashion history."

Other items worn by Jackson, as well as signed photographs of the singer, are also set to be sold at the auction, which was announced earlier this month and takes place between June 25 and June 26. Among them - a glove adorned with black Swarovski crystals that the singer donned at the 1984 American Music Awards. Its starting bid is $10,000.

Also set to be auctioned - the MTV Video Music Award moonman for Best Choreography that was given for the "Thriller" video. It has a $4,000 starting bid.

The "Thriller" jacket is one of two that Jackson owned and wore during the filming of "Thriller." The other is on display at the Rock and Roll Hall of Fame in Cleveland, Ohio, on loan from the Estate of Michael Jackson, auction house Julien's Auctions said.

This jacket was given by Jackson to his longtime costume designers Dennis Tompkins and Michael Bush, "or just "Bush" as Michael called him," it said, adding: "When he first brought it to them, they reportedly asked if he could really dance freely in the jacket, to which Jackson incredulously replied, "Have you seen the video for 'Thriller'?"

A portion of the proceeds from the sale of the jacket is set to go to the Shambala Preserve, located near Los Angeles, where Jackson's two Bengal tigers, Thriller and Sabu, have been living since 2006, when Jackson left Neverland Ranch.

Check out the video for Michael Jackson's "Thriller" music video below.