Kevin Meehan, the owner of Imperialcars.com in Mendon, Mass., won the jersey in the week-long auction on eBay that ended on Thursday at 12:30 p.m. ET. A construction worker buried the shirt under what will be the visitors' clubhouse in the new Yankee Stadium.
"I actually thought it was going to sell for more money," Meehan, who beat out 281 other bidders for the jersey, told The Associated Press.
Meehan also said his donation to the Jimmy Fund goes "a lot deeper than just the shirt," as his father died of cancer.
"We are grateful for the generous bid and extend our deep gratitude to the New York Yankees and the Boston Red Sox for coming together again in the fight against cancer," Jimmy Fund chairman Mike Andrews said in a statement. "We are absolutely thrilled."
"Really?" said Ortiz, when told of the amount his jersey fetched. "Wow! That's a lot of cash. Cool. Good for them."
Meehan, who also gets two tickets to a Red Sox home game and an authentic Ortiz jersey, added, "It was just a win-win all the way around."
Mike Petraglia is a contributor to MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.