The Chicago Bulls jersey was worn by Jordan during Game 3 of the 1998 NBA Finals, the season later immortalised as his “Last Dance”.
Jordan led the Bulls to a 4-2 series victory over the Utah Jazz, securing his sixth and final NBA championship.
He was also named Finals Most Valuable Player for the sixth time during the championship-winning campaign.
The latest sale surpassed the previous record for Jordan memorabilia, which stood at $10.1 million (£7.6 million) for his jersey from Game 1 of the 1998 Finals.
The jersey was sold by entrepreneur Ryan Gough through Joopiter, the digital auction house founded by musician and entrepreneur Pharrell Williams.
It had been estimated to fetch between $10 million and $15 million before the auction.
Describing the item in its auction listing, Joopiter said Jordan’s Game 3 jersey represented one of the most significant pieces of sports history.
The auction house said the jersey, worn during the “Last Dance”, marked the culmination of an era that helped transform basketball into a global cultural phenomenon.
Jordan memorabilia has continued to attract major prices at auction. His 1997 Ferrari 550 Maranello also recently sold for $2.7 million, four times the previous auction record for the model.
Despite the latest sale, Jordan’s jersey does not hold the record for the most expensive game-worn sports memorabilia.
That record belongs to a Babe Ruth jersey associated with his famous “called shot” during the 1932 World Series, which sold for $24.1 million (£18.2 million) in 2024.
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