The custom-made piece - created by Los Angeles-based store Trashy Lingerie - was worn with fishnet tights by the singer during her 1987 'Who's That Girl' tour, and went under the hammer in China for way above its pre-sale estimate of £4,000 to £5,000.
Previously displayed at the Rock and Roll Hall of Fame in Ohio and The Frederick's of Hollywood Museum in Los Angeles, the garment was sold by Beverly Hills-based auctioneers Julien's Auctions at the Ponte resort in Macau, China, alongside 23 other pieces of Madonna memorabilia.
Among the other items on sale were a signed copy of the star's risque 1992 'Sex' book and a recording of the song 'Simon Says' alongside her band Emmy and the Emmy's, with the auction drawing in a total of over £62,000.
Darren Julien, owner of Julien's Auctions, said: 'When you're buying these things, you're buying a memory.'
The outfit was specially selected for Madonna's first world tour - which took place 24 years ago - by her stylist and costume designer Marlene Stewart.
She said at the time: 'The most important ingredients are the crop top, the bare midriff, a hip-hugger skirt or pants and lingerie straps showing under your top.'