Michael Jackson’s famous Swarovski-studded white glove sold for an astounding $350,000 at an auction held this weekend at the Hard Rock Cafe in NYC, E! News reports. The iconic glove became the King of Pop’s signature accessory after he wore it during his moonwalking “Billie Jean” performance at Motown’s 25th anniversary TV special in 1983.

Hong Kong native Hoffman Ma was the lucky bidder who now owns a piece of history.

After taxes, Hoffman will pay $420,000 for the the glove, a price the 36-year-old winner said was a bargain, according to E! News.

Hoffman purchased the glove on behalf of the Ponte 16 Resort Hotel in Macau.

Even though there were more than 300 items on the chopping block, from artists ranging from The Beatles to Elvis Presley in the “Music Icons” sale held by Julien’s Auctions, MJ’s items seemed to be the most desired.

His fedora, also worn during the Motown special, sold for $22,000, and a jacket from his 1989 Bad tour sold to a lucky bidder at $225,000.

It seems obvious that the white glove worn by Michael when he debuted the famous moonwalk dance would spark the most interest.

“There is no question it is the Holy Grail of Michael Jackson,” Darren Julien, president and CEO of Julien’s, told Reuters.

The auction company first estimated the value of the glove at $40,000-$60,000 but knew it would sell for much higher.

“I have talked to more than 20 very interested serious clients all over the world who will be bidding on the piece and all have expressed interests over $200,000-$300,000,” Darren said.

The auction company values the Jackson collection at $80,000 to $100,000, but Darren told Reuters that the pre-auction estimates are intentionally very conservative to help generate interest.

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