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Jackson Family Memorabilia Auction Earns Half Million Dollars

A May 31 auction of Jackson family memorabilia netted about half a million dollars.

The first of two such auctions held at the Hard Rock Hotel & Casino in Las Vegas, Nevada included a black, military-style coat with an "M" crest which belonged to Michael Jackson. It went for $24,000, according to Guernsey's auction house president Arlan Ettinger.

Also selling for similar amounts were gold and platinum albums presented to the Jacksons for "We Are The World," recorded by the all-star group USA For Africa.

Universal Express, Inc., a luggage company based in Florida, acquired the items in March, 2006 from New Jersey businessman Henry Vaccaro. He initially took possession of them in 2002, after a failed business venture went to bankruptcy court.

Michael Jackson initially opposed the presence of his personal items in the two-day auction, but recently settled out of court for an undisclosed sum. The auction will conclude June 1.