The doting parents paid an eye-watering $94,790 for the piece at Julien's Auctions' Icons And Idols: Rock N' Roll event in New York in October.
Michael wore the jacket, which is decorated with a red band on the right arm, and a sparkly rhinestone motif that hangs from shoulder to shoulder, just twice publicly – once to his close friend Elizabeth Taylor's birthday celebrations and once to the Cannes Film Festival for the screening of his short film Michael Jackson's Ghosts in 1997.
"So we won this on an auction for Northie for Christmas and we had it tacked up so she can wear it," Kim continued, showing where they'd taken up the sleeves and waistband with semi-permanent tacking so that it could be undone as North gets older.
"It can grow with her, and she can have this for her whole life. And she is so grateful and so excited."
Kim has been making a habit of being extra this Christmas (by which we mean... all year long, every single year), and came under fire recently for unashamedly using Photoshop in order to nail the perfect holiday snap of her family of six.
Kim appeared on The Ellen DeGeneres Show to discuss the picture and she admitted to photoshopping North in.
"It was a time thing and it was hard to wrangle everyone together so I said I'll just do my own family," she said.
"It was so much anxiety with the four kids, North was having a day and I said fine we'll do it without you but then she said she just wanted to shoot with me. So I said fine we'll just Photoshop her in. So that's not actually her in the picture. The anxiety I went thought to get that picture. There's always one."