Lindsay Lohan's attorney proposed the diamond necklace she allegedly stole from a Los Angeles store wasn't worth enough to warrant a felony.

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Lawyer Shawn Holley told TMZ.com the necklace was not worth $2,500 and was likely not even worth $950, which is the legal minimum required for a grand theft charge in California.

"The jewelers we spoke with said the fair market value ranged between $800 and $1,000," Holley explained. "If the value is $950 or less, it would be petty theft, a misdemeanor punishable by six months in jail, rather than one year in prison."

TMZ said Sunday that other lawyers have successfully argued for reduced charges for their clients by proving the fair market value of the allegedly stolen item was less than what prosecutors claimed.

"A $5 lump of coal with a $2,500 price tag is still a $5 lump of coal," said Holley, who also reiterated the actress had not stolen the necklace regardless of its price tag.