The famous red leather jacket Michael Jackson wore in his "Thriller" video could fetch more than $400,000!

The "Thriller" jacket, which Michael autographed to his costume designer, will be one of the hottest items this month on the 25th at the Music Icons sale.   Other items from the King Of Pop up for auction is a jeweled glove that he wore on the American Music Awards and the black wig he wore at the press conference in Londay were he announced the "This Is It" tour.

The glove is expected to draw anywhere from 20,000 to 30,000 while the wig could bring 4,000 to 6,000 dollars.

In other Mike news, the insurance company Lloyd's of London is refusing to pay a multi-million dollar life insurance claim to his estate.  The firm  says their not gonna pay up because they feel Michaels estate and concert promoters AEG lied about his health and hid the fact that he was taking propofol.

Lloyd's has asked an L.A. judge to cancel a $17.5 million insurance claim filed by the Michael Jackson estate.