Kim Kardashian. Image: Instagram/Kim Kardashian

Kim Kardashian's ex-hubby just got a bag full of money by selling the big rock or the diamond engagement ring. This is the same ring Kris Humphries gave to Kim after he proposed to her.

The diamond ring sold for $749,000 at an auction in New York on Tuesday at Christie's. The buyer of the massive rock is yet to be identified. The bidding for this Lorraine Schwartz diamond began at $200,000. The title of the auction was "Bright and Beautiful."

Gabriel Ford told MailOnline that they have received overwhelming response from participants in the final of the morning session of Lot 194 from phone banks, in the room and Christie's LIVE.

The ring with two 1.8 carat side diamonds would finally cost the undisclosed buyer $749,000 .

According to Gabriel, two bidders fought for the ring, one was an online bidder, and the other one was on the phone. The person over the phone won the bid.

Last month, it was confirmed that Kris was ready to sell the ring. He had to shell out $2 million for the ring. Bad publicity over the divorce of Kim and Kris took a toll on the value of the diamond ring.

Christie's valued the ring between $300,000 and $500,000 and after raking in $749,000, Kris indeed got a great deal.

In May 2011, Kris proposed Kim and she returned the diamond ring after their marriage ended. "Kim has been waiting for the day he would auction it,' a source told Us Weekly.

"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," the source added.

It has also been reported that a part of the proceeds from the sale will go to a charity which has not yet been named.

Kim Kardashian is now dating Kanye West and together they have a baby daughter, North West.