CHICAGO (CBS) — It’s no secret Former Pesident Barack Obama loves basketball.

In fact, Mr. Obama was on the state championship team as a high schooler in Hawaii. So bidding was fierce for a basketball jersey believed to be worn by the future president at Punahou  school in Honolulu.

A classmate said he found the jersey in a trash bin and kept it for years.

The Obama jersey, number 23, sold for $120,000 at auction in Dallas over the weekend.

A portion of the proceeds will go to Punahou School.