October 16, 2013 01:11:53 GMT
The Lorraine Schwartz ring was purchased by an anonymous online buyer who has to pay a total of $749,000 to bring the diamond bauble home.
Kris Humphries finally got rid of the ring he used to propose Kim Kardashian, two years after they split following a short-lived marriage. The ring went under the hammer during the "Magnificent Jewels" auction held by Christie's in New York City on Tuesday, October 15.
The ring was the last item in the morning session. There was an "active participation in the room, on the phone banks, and from Christie's LIVE." The bauble "was sought out by two bidders in the back of the room, one online bidder, and was ultimately won by a bidder on the phone."
Bidding opened at $200,000. The Lorraine Schwartz sparkler that features a humongous 16.21-carat center diamond flanked by two 1.8-carat side diamonds was eventually sold for $620,000. But after Christie's markup, the anonymous buyer would pay a total of $749,000 for the rock.
Although a significant drop from the initial price of a reported $2 million, the final sale price for the ring is still far more than the presale estimate of between $300,000 and $500,000. According to a statement in the auction catalog, a portion of the proceeds will be donated to a charity.
Humphries and Kardashian were engaged in May 2011 and married on August 20 the same year only for her to file for divorce 72 days later. Their legal battle dragged on for roughly two years with the NBA star vehemently asking for annulment claiming their marriage was a fraud.
Their divorce was finally finalized on June 3, 2013 with an undisclosed settlement, just two weeks before the "Keeping Up with the Kardashians" star gave birth to daughter North with Kanye West. The ring was "Kris' property that he received through his marriage dissolution."