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.

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

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

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A portion of the proceeds will go to Punahou School.