Quite a markdown from the estimated $2 million the ring was worth at the time they got engaged, but still a lot more than the $300,000 to $500,000 it was expected to fetch at auction.
“It bounced between two phone bidders and two bidders in the back of the room,” the Christie’s spokesperson tells E! News. “Good participation all around. It was the last item in the morning session.”
But while the E! Online story indicated that all of the ring proceeds would go to charity, apparently that’s not the case.
The Lorraine Schwartz ring features a 16.2-karat emerald cut center stone with 1.8-karat side diamonds.
“Kris is not losing money on the ring,” lawyer Lee Hutton said, referring to reports the ring had been worth $2 million.
“It was something that was a part of the divorce, the dissolution agreement,” Hutton told The News. “Kris is pleased with the outcome of the sale and the fact he can give a portion of the proceeds to a deserving charity. He’s in the process of selecting the charity now.”
Hey, it’s hard out there for a Celtics’ bench player.
Since we’re on the subject or rings and charities, about how many hungry children could a $2 million engagement ring feed?