Lennon wore the white ensemble on the cover of The Beatles' 1969 album Abbey Road.
According to The AP, the outfit sold on Saturday at Braswell Galleries' annual New Year's Day auction along with other Beatles memorabilia.
Other items that sold at the auction included a 1972 Chrysler station wagon that once belonged to Lennon and wife Yoko Ono. The automobile sold for $5,500 (£3,550).
A blazer the singer-songwriter wore in his music video for 'Imagine' was also up for auction.
Ono recently donated a limited edition commemorative coin featuring Lennon's image to an auction to raise money for a children's hospital in Liverpool.