Warhol Jackson portrait 'sells for $1m'

A portrait of late singer Michael Jackson by famed artist Andy Warhol has reportedly sold for $1 million (£606,428).

The 1984 painting of Jackson wearing his 'Thriller' jacket, which Warhol was commissioned to render for a TIME magazine cover, was auctioned off in New York, MTV reports.

Vered Gallery's Janet Lehr acquired the artwork shortly before the King Of Pop's death on June 25 for under $300,000 (£181,928). The buyer has requested anonymity, though Lehr was able to confirm that the portrait sold for $1m (£606,428) and could have feasibly fetched a $10m (£6m) price tag.

The auction was initially scheduled to close at the end of July, however overwhelming demand forced her to keep the bidding open. The Tel Aviv-born gallery owner pledged that all proceeds from the sale will benefit the restoration of Israeli town Shderot.

It was announced earlier that AEG Live may front a Jackson memorabilia tour, which the popstar's mum has expressed concerns over. A decision on the matter is to be decided by a Los Angeles Superior Court Judge on Friday.