Ali beat Sonny Liston on February 25, 1964 to win the title for the first time. The gloves were sold as part of the commemoration of the 50th anniversary of that night.
Liston was the heavy favourite going into the bout, but Ali—still known as Cassius Clay at the time—dominated the first six rounds until Liston quit on his stool.
The Daily Mail add that Clay changed his name to Cassius X the day after the fight, and to Ali a week later.
The buyer of the gloves, at a fee which included 19.5 percent buyer's premium, has opted to remain anonymous.
Chris Ivy, director of sports collectibles at Heritage Auctions, said:
These are the very gloves that Ali wore when he claimed his first heavyweight championship 50 years ago and, given the attention these received from media and fans all over the world, and the spectacular price they achieved, it's clear that Ali is just as loved and respected today as he's ever been.
The ESPN report adds that the gloves were part of a collection belonging to Ali's trainer, Angelo Dundee.
A year later, in 1965, Ali fought Liston again, knocking him out in the first round.