Hugh Hefner and his ex-fiancee Crystal Harris
Hugh Hefner and his fiancee, Playboy Playmate Crystal Harris, arrive at the opening night gala of the 2011 TCM Classic Film Festival featuring a screening of a restoration of 'An American In Paris' in Hollywood, California April 28, 2011. REUTERS/Fred Prouser

We were up in the bedroom and my favorite movie is The Little Mermaid, so he had the ring in a Little Mermaid box, and that was so special. I opened it and the first thing he said to me was, 'I hope it fits!' a proud Crystal Harris had told PEOPLE in an interview when she revealed how Hugh Hefner, 40 years older to her, had proposed to her the Christmas night of 2010.

Harris, a former playmate was so happy, she cried with happiness. There was no down-on-one-knee proposal because they are not traditional, she had explained.

Adds Hefner, 84, I got her a little music box with the Mermaid theme to it, and it just looked like the perfect size and the perfect place to be the ring box. So when she started unwrapping that gift, I reached over and wound it so it was playing music while she discovered what was inside.

Gone are those days. Now after Harris changed her mind just five days before the scheduled wedding date of the Playboy founder and the playmate, she is auctioning the engagement ring.

The ring is a circle diamond a little over three karats and it's on platinum setting and it has diamonds all around the band as well. It's so pretty, an excited Harris had explained.

Harris is reportedly auctioning off the 3.39 carat engagement ring after she was spotted earlier this year at a La Jolla pawn shop. Reports suggest that Harris will feature the sparkler at Christie's in New York, according to Mission Valley News.

[She] couldn't bear to look at the ring anymore because it brought back bad memories, Access Hollywood reports.

The ring cost Hefner a whopping $90,000. But then, it is expected to fetch only less than half its original price, which is somewhere between $20,000 and $30,000.

After ditching the Playboy founder, Harris, 27, said, I got cold feet, she explained to Access Hollywood. Over time I just realized it wasn't for me, it was all happening so fast. I love Hef. I care about Hef and always will. We had good times together... I've been over there about three or four times since the breakup and we want to just stay friends.

Wonder what Hefner's got to say after learning about it!

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