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Michael Jackson moonwalk hat sells for over €77,600

The hat was sold at a Paris auction for €77,640
The hat was sold at a Paris auction for €77,640

The hat that Michael Jackson wore just before performing his signature moonwalk dance for the first time has sold at an auction in Paris for €77,640.

The black fedora had been estimated at €60,000 to €100,000 by the Hotel Drouot auction house.

It was the highlight among around 200 items of rock memorabilia, though the top price went to a guitar owned by the legendary bluesman T-Bone Walker, at €129,400.

Jackson whipped off the hat while breaking into his hit "Billie Jean" during a televised Motown concert in 1983, at the height of his fame.

Moments later, he showed off what would become his trademark move - the moonwalk, a seemingly effortless backwards glide while appearing to walk forwards.

Music memorabilia has become big business.

Co-organisers Lemon Auction made a splash last year with the sale of the guitar smashed by Noel Gallagher on the night Oasis split up in Paris following a fight with his brother Liam. The instrument went for €385,500.

This month, a series of auctions for items belonging to Freddie Mercury - including the piano on which he composed "Bohemian Rhapsody" - brought in a total of €46.5 million for Sotheby's, attracting bidders from 76 countries.