Michael Jackson's "Thriller" jacket for sale

(CBS/AP) BEVERLY HILLS, Calif. - Would you pay $200,000 for a leather jacket?

You would if it was the red and black leather jacket Michael Jackson wore in his "Thriller" video.

Pictures: Michael Jackson
Michael Jackson Discography

That iconic piece of clothing from the King of Pop's collection is bound for the auction block and auction administrator Darren Julien says "the most recognized and significant piece of pop culture" to come up for sale is expected to fetch at least $200,000 . The Music Icons auction is scheduled for June 25 and 26 at Julien's Auctions in Beverly Hills.

Jackson autographed the jacket as a gift to his longtime costume designers, Dennis Tompkins and Michael Bush. He wanted them to use the small calfskin jacket as a template for his future concert fashions. A portion of the proceeds from its sale will benefit the Shambala Preserve, where Jackson's two Bengal tigers, Thriller and Sabu, have been living since the pop star left his Neverland ranch in 2006.

Other Jackson items up for sale include the wig he wore when he announced his ill-fated "This Is It'' concert series in London, a fedora and spangled glove he wore on stage, his shirt from the "Scream'' video and the battered mailbox from the Carolwood Drive estate where Jackson died at age 50 in 2009.

The Music Icons sale also includes one of Eric Clapton's guitars, a music stand broken by Curt Cobain, the denim jacket Bruce Springsteen wore on the "Born to Run" tour, Frank Sinatra's patent leather boots and 1986 Jaguar, handwritten lyrics and a leather jacket from Johnny Cash, jackets and a guitar from Elvis Presley, and a signed harmonica from Bob Dylan.

The nearly 600 pieces of music memorabilia include items from Lady Gaga, Madonna, The Beatles, Ozzy Osbourne and Justin Bieber.

The collection will be on view free to the public from June 13 to 25 at Julien's Auctions Gallery in Beverly Hills.