The rhinestone studded mitt was bought by Hong Kong businessman Hoffman Ma for well over its estimated value of around $50,000. Including taxes and fees, the final amount paid for the glove was $420,000.

The glove was hailed as the ultimate collector's item by auctioneer Darren Julien.

He said: 'It's the Holy Grail of Michael Jackson gear.'

The glove was worn by the 'King of Pop' when he first performed his famous Moonwalk dance in 1983 on the Motown 25 television special.

After an opening bid of $10,000 the price of the glove immediately shot to $120,000 before eventually reaching $350,000.

Other items sold included a black jacket worn by Michael for his 1989 'Bad' world tour, which fetched $225,000, 20 times over its estimated sale price, and a fedora hat worn by the star was auctioned for $22,000.

Many of the winning bidders for the memorabilia were internet based clients from the Far East.

Many people turned out at the Hard Rock Cafe in Times Square, New York, to watch the sale of the late singer's possessions.

Meanwhile, Dr. Conrad Murray has returned to work for the first time since the singer's death.

Dr. Murray – who was Michael's personal physician at the time of his passing in June from acute Propofol intoxication – returned to the Armstrong Medical Clinic in Houston, Texas, on Friday (20.11.09), where he treated 16 patients who had requested appointments.

Dr. Murray is thought to be the last person to see Michael alive and has been investigated by Los Angeles police in connection with a homicide investigation into the star's death, after he revealed to police he administered the powerful anaesthetic Propofol to the 'Thriller' singer. The doctor has not, however, had any criminal charges brought against him.

A lawyer for Dr. Murray, Edward Chernoff, claims the events surrounding the singer's untimely death have left his client in financial ruin.

He said: 'He has not been able to earn a living since the death of Michael Jackson.

"His legal fees are enormous and his debts have mounted to the point where it is unclear whether he will be able to keep his house or support his family."