The rhinestone-studded white glove Michael Jackson wore when he first performed his trademark moonwalk dance in the early 80s was sold on Saturday (November 21) for a staggering $350,000.

According to the Associated Press, the winner bidder was a Hong Kong man named Hoffman Ma, who has pledged to pay $420,000 for the famous glove, which includes taxes and fees.

The white glove was the top item in a collection of Jackson memorabilia on auction at the Hard Rock Cafe in Times Square. Its pre-auction estimate was $40,000 to $60,000, so it fetched waaaay more than expected.

"It was a fairly good discount," said 36-year-old Ma told the AP. He reportedly bought the musical treasure on behalf of the Ponte 16 Resort Hotel in Macau.

The sale was held by Los Angeles-based Julien's Auctions. It also included a fedora Jackson wore for the moonwalk, which sold for $22,000, while a jacket that Jackson wore on his 1989 "Bad" tour fetched $225,000.

The price-tag for the glove, though, was nearly 10 times more than another white glove auctioned off in September in Australia. The bejeweled glove -- caught by a fan during a concert in Sydney in 1996 -- sold for $49,000.

For more info on Jackson memorabilia, visit JuliensAuctions.com.