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Then aged 17, Pelé scored two of Brazil's five goals in the 5-2 victory over hosts Sweden, after Brazil had beaten France by the same scoreline in the semi-finals.
During the 1958 final, "King" Pelé, whose real name was Edson Arantes do Nascimento, gave the shirt to his team-mate and friend Dida.
The shirt remained with Dida's family for decades before being displayed in a museum. It was then offered at auction for the first time in 2004 for an undisclosed price.
After attracting ten bids from five bidders before being sold to an anonymous buyer, the shirt became the second most expensive football shirt in the world, according to Sotheby's.
The record of $9.3 million is still held by the shirt worn by Argentina's Diego Armando Maradona on 22 June 1986 in Mexico City during the iconic World Cup quarter-final against England.
Argentina won the match 2-1 thanks to two legendary goals scored by Maradona, one with his hand and the other after a mesmerising solo run.