Michael Jackson's Pepsi Ad Jacket to Fetch a Fortune at Auction

One of Michael Jackson's iconic clothing items is hitting the auction block -- and although it's a somewhat lesser-known one ... it'll probably demand a king's ransom anyway.

We're talking about the black and white leather jacket MJ wore during one of his "Pepsi Generation" ads in 1984. No, it's not the infamous ad where he burned himself on set -- it's the one where he's dancing in the streets with a bunch of kids and others.

This was the first Pepsi commercial Mike did ... which makes this custom-made piece he wore on set all the more special -- and apparently, quite valuable too. It's up for grabs starting Nov. 10 through the Propstore -- and we're told it could fetch anywhere from $230k to $460,000. Considering this was once on Mike's own body, probably closer to the latter.

As far as how it ended up making its way toward a public sale ... the jacket was actually gifted to a guy named Wendell Thompson way back in the day -- whose father was a cosmetologist who worked with MJ. Wendell says he actually received the jacket straight from MJ in 1983 (before the ad even aired) during a run-in with the King of Pop in Orlando.

We're told was there during the grand opening of MJ's personal suite at Disney World's Hotel Royal Plaza -- which was a huge deal at the time. Ribbon-cutting and the whole shebang.

Anyway, Wendell says he's held onto this cherished item for ages now -- but at this point, he's ready to pass it on and reap the benefits ... all with the aim of using the cash to set up his kids and family in his will, hoping this will set a solid foundation for all of them.

Considering this thing is expected to go for almost half a million dollars, we'd say that's almost guaranteed to happen. Wendell says he hopes the new owner can enjoy the jacket as much as he has ... noting he has fond memories with it.

A rare collectible indeed, and pretty soon ... it can be yours. If you're ballin', that is.

Would you spend nearly $500k on a Michael Jackson Pepsi ad jacket? Vote below.