In a dazzling auction event that left music enthusiasts and collectors worldwide spellbound, the legendary hat worn by the King of Pop, Michael Jackson, just moments before he unveiled his iconic moonwalk dance, was sold for an astounding 77,640 euros ($82,170).

The high-profile auction, hosted by the esteemed Hotel Drouot auction house in Paris, showcased a treasure trove of rock memorabilia that left attendees in awe.

The black fedora, a symbol of music history, had initially been estimated to fetch anywhere between 60,000 to 100,000 euros.

However, the bidding frenzy that ensued surpassed all expectations, and the final price paid for this iconic piece of Michael Jackson's legacy left spectators in awe.

The hat's momentous connection to music history stems from its appearance during a televised Motown concert in 1983 when Michael Jackson took the world by storm.

As he electrified the audience with his timeless hit "Billie Jean," he dramatically removed the fedora, setting the stage for a groundbreaking performance. In the blink of an eye, he introduced the world to the moonwalk, an otherworldly dance move that saw him glide backward while seemingly moving forward, forever etching his name in the annals of music history.

The sale of this historic artifact is further testament to the soaring demand for music memorabilia, turning it into a lucrative industry in its own right.

Lemon Auction, co-organizers of this remarkable event, previously made headlines with their sale of a guitar famously smashed by Noel Gallagher on the night Oasis disbanded in Paris during a heated altercation with his brother, Liam. That instrument commanded an astonishing 385,500 euros, emphasizing the enduring allure of rock and roll history.

This month has witnessed a wave of interest in music memorabilia, with a series of auctions featuring items once owned by the iconic Freddie Mercury. Among the coveted items was the piano on which Mercury composed the timeless masterpiece "Bohemian Rhapsody."

The auctions, hosted by Sotheby's, attracted bidders from a staggering 76 countries and collectively brought in a staggering 46.5 million euros.