The Keeping Up with the Kardashians star's diamond rock, which is about 20 carats, was sold at a Christie's auction in New York City on Tuesday for about a quarter of its alleged $2 million worth, Us Weeklyreported.
While bidding on the ring reportedly opened at $200,000, an unidentified online buyer purchased the Lorraine Schwartz piece for a total of $749,000, which includes the buyer's premium charged by Christie's. A portion of the proceeds from the item's sale will reportedly go to charity.
"Kim has been waiting for the day he would auction it. Everyone always asked what Kim did with the ring -- she silently gave it back over a year ago! And Kris waited until the divorce was final to sell it," a source close to Kardashian told Us at the time, adding that Kanye West's girlfriend actually picked out and bought the ring herself back in May 2011.
"The ring is definitely not worth $2 million, not even half of that."
After a year-and-a-half of court proceedings and legal battles, Humphries and Kardashian finalized their divorce in early June. The formal execution of divorce paperwork officially dissolved the marriage after Kardashian had reached a settlement with the NBA basketball player in April to avoid a trial.
Kardashian filed for divorce from Humphries citing irreconcilable differences in October 2011 after the couple tied the knot in a heavily-promoted, two-night reality TV special which delivered huge ratings for E!.
Humphries subsequently claimed Kardashian had married him on fraudulent grounds and insisted on an annulment, however she had refused -- sparking a lengthy legal battle in which Humphries reportedly failed to come up with proof to support his fraud allegations.