| Even in troubled times, there are still fools eager to be parted from excess money. |
| I just found a revenue source for health care reform ... |
The Jackson memorabilia was the highlight of an auction of hundreds of rock'n'roll items, including many not associated with the "King of Pop," who died in June.
Darren Julien, CEO of Julien's Auctions, which ran the auction, called the glove "the Holy Grail of Michael Jackson," and many expected it to sell for far more than its pre-sale estimate of about $50,000. With the added commission, the final price excluding taxes, ran to some $420,000. The buyer was Hong Kong businessman Hoffman Ma.
Bidding for the black, strap and zipper-laden jacket Jackson wore during the 1989 "Bad" tour soared to $225,000, more than 20 times its estimate. With commission, the tab came to about $275,000.
Fans and dealers turned out at the Hard Rock Cafe in New York's Times Square for the sale that included a car driven by Jackson, as well as David Bowie's guitar and memorabilia from the Beatles to Bo Diddley.
"I never got to see Michael, and now that he's gone this is the closest I could get," said Jazmynn Moore, 19, a student from Manhattan.
The glove was worn by Jackson when he first staged the famous moonwalk dance at the 1983 Motown 25 television special. The opening bid of $10,000 leaped immediately to $120,000 before peaking at $350,000.
Most of the 80 Jackson lots consisted of items that came from friends and family to whom Jackson had given them, the auctioneer said.
Jackson was somewhat of a collector himself, having paid more than $1.5 million for the "Gone With the Wind" best picture Oscar statue at Sotheby's auction, one of the highest prices ever paid for memorabilia at auction.
Other memorabilia sold included sparkle-encrusted shoes and socks, portraits of Charlie Chaplin drawn by Jackson as a child, an autographed shirt, a 1985 Mercedes, handwritten letters, and posters.
Almost every lot was sold, commonly at three or more times the estimated price and often at least 10 times over, with bidders from Australia, Dubai, France, Hong Kong and Japan competing by telephone or Internet with the raucous, highly excited crowd in the room.
| Mr.Jackson's executors will find themselves able to pay off considerably more of his vast debt than anticipated. And those he owed so much will be able to pay off their debts, etc and so forth. No doubt this will jump-start the troubled world economy, freeing the U.S. government from the need to pass a second stimulus bill. |