The jersey features green lettering with the word "Irish" and number 23 — the same number he'd later wear for the Cleveland Cavaliers. James signed a four-year contract with the Los Angeles Lakers last year.
Goldin Auctions said James gave the jersey to its current owner, an unidentified seller who attended the school. The auction house says 5% of the proceeds will go to the Naismith Memorial Basketball Hall of Fame in Springfield, Massachusetts.
Earlier this year, a Babe Ruth auction made history Saturday at Yankee Stadium, CBS New York reports. A road jersey worn by the late Yankee slugger sold for $5.64 million.
It was the most expensive piece of sports memorabilia ever sold, according to Hunt Auctions. The item was among a trove of possessions put up for auction by Ruth's family, including family photos, hunting gloves and a suitcase Ruth traveled with on a trip to Japan in 1934.
"I just want people to enjoy and appreciate my grandfather's stuff," Ruth's granddaughter, Linda Ruth Tosetti, told CBS New York.
According to cbsnews.com