The King had gifted the ring to a friend.
Jewelry proved to be the star of the show at an auction of items owned by Elvis Presley.
The weekend event was called Auction at Graceland, USA Today reports. Held by Graceland Auctions, it was part of the celebration of Presley's birthday.
The top-grossing item was a gold and diamond ring fashioned after a lion head, selling for $37,500. Presley had gifted it to Charlie Hodge, a close associate, according to USA Today.
A diamond cluster cocktail ring sold for $13,750, and several other pieces of jewelry sold for more than $8,000 each.
Some of the non-jewelry items sold in the auction included a high school yearbook, a pistol and a blue suede jacket. Sales totaled more than $330,000.
Read more at USA Today