The white leather shoes with the red Nike swoosh and soles were worn by the iconic player in 1984 in the fifth game of his rookie season with the Chicago Bulls.
Sotheby's will put the NBA champion's 1984-1985 Chicago Bulls season sneakers up for auction in May, estimating the red and white Air Jordan 1 pair will fetch around $110,000-$164,000.
The Air Jordan 1s, designed for Jordan in 1985 and the first ever signature sneakers, were expected to fetch between $100,000 to $150,000 in the auction that closed on Sunday.
Ten-part series covering Chicago Bulls' path to 1997-98 NBA championship and career of Michael Jordan continues to draw more viewers than almost all other sports programming.
Sotheby's, better known for selling multimillion-dollar art, last year held its first auction dedicated entirely to sneakers. The Air Jordan 1s, the first ever signature sneakers, are expected to fetch between $100,000 to $150,000 in the auction.
"When Kobe Bryant died, a piece of me died, and as I look in this arena, across the globe, a piece of you died," the NBA legend said, tears streaming down his face.
David Stern, who masterminded the NBA's growth into a global sports powerhouse while serving as commissioner from 1984 to 2014, died after suffering a brain hemorrhage last month. He was 77.
The sale smashed the previous record of $190,373 spent in 2017 on a pair of signed Converse worn by Michael Jordan in the 1984 Olympic basketball final.
This achievement was particularly special to James, who grew up in Ohio idolising Jordan. James tweeted his excitement about the milestone shortly before the game.
Daniel Green is going before a judge to lay out evidence he says proves that although he helped dispose of the body, he didn't kill James Jordan in the early-morning darkness one July day in 1993.
US President Donald Trump slams Los Angeles Lakers star in a tweet after James told CNN that Trump was "using sports to kinda divide us."
The blockbuster deal means the four-time NBA Most Valuable Player, will now join one of the league's most iconic clubs, adding to the legacy of such legends as Kobe Bryant and Magic Johnson.
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