The Long Island gallery owners who were auctioning off the iconic work said that the high bidder is a speculator -- not an art or music collector -- but would not reveal the buyers name.
They also did not disclose the exact price, saying only that "in a competitive battle, he paid over $1,000,000.00 for the unique work of art."
The Jackson portrraid had sold in May for $278,500 at a Sotheby’s auction in New York.
Warhol's highest selling portrait to date, "Lemon Marilyn" -- a portrait of another international icon -- pulled in $28,040,000 at a 2007 Christies Auction.
"Green car crash -- Green burning car," broke the record for highest selling Warhol painting at the same auction, selling for $71,720,000.
The silent auction at Vered Gallery in East Hampton, N.Y., closed at 8 p.m. Tuesday night.
The start of bidding for Warhol's (Green) Michael Jackson was announced on July 16, 2009, and the painting was exhibited at the British Music Experience in the O2 Arena London, and at the Los Angeles Art Association Gallery in West Hollywood before it returned to Vered Gallery.