A custom crown-shaped ring once worn by legendary rapper Tupac Shakur, just days before his untimely death, has been sold at auction for an astonishing $1.02 million, setting a new record as the most valuable hip-hop artifact ever sold.

Sotheby's in New York facilitated the sale of the ring as part of a significant auction of hip-hop memorabilia, featuring autographed letters from Tupac and a demo tape of his iconic single "Trapped," according to a press release from the auction house. Initially estimated to sell between $200,000 to $300,000, the ring's final price surpassed all expectations.

The auction aimed to commemorate the 50th anniversary of the musical genre, with the lots including memorabilia from other iconic names such as Mos Def, De La Soul, and Wu-Tang Clan, among others.

The crown-shaped ring, made of 14-karat gold and adorned with diamonds and rubies, bears a special inscription on the side, reading "Pac & Dada 1996," in reference to Tupac's engagement to actress Kidada Jones.

According to the press release, the ring's seller is Yaasmyn Fula, the artist's godmother, who revealed that Tupac personally designed the piece and had it assembled by skilled jewelers in New York City after his release from prison and signing a deal with Death Row Records.

In a fascinating detail, the design of the ring was inspired by Tupac's admiration for Niccolo Machiavelli's political manifesto "The Prince," which led him to adopt the moniker "Makaveli" after reading the book while incarcerated. The crown design symbolized an act of self-coronation, celebrating his survival through tumultuous times.

The ring gained further significance as it adorned Tupac's finger during his last public appearance at the MTV Video Music Awards on September 4, 1996, just three days before his tragic murder in Las Vegas.

In a recent development related to the unsolved murder of Tupac, the Las Vegas Metropolitan Police Department executed a search warrant at the residence of Duane Keith Davis. Police collected various items, including a desktop and laptop computer, a book titled "Compton Street Legends," a Vibe magazine issue featuring Tupac, photographs, and other documents, as reported by CBS News.