My Precious! Ron Artest Auctions Lakers Championship Ring

AP Photo/Chris Pizzello

LA Lakers player Ron Artest auctioned off his one and only NBA championship ring in the name of charity on Saturday night.

Raymond Mikkael, a father of four from Hawthorne, walked away with the prized prize, while proceeds from the raffle -- estimated at over $500,000 -- went to benefit mental health awareness and treatment for children, a cause important to the athlete, reports KTLA.

Artest reportedly has no regrets about parting ways the ring, according to ABC Local saying that it only encourages him to earn another. However, "it was emotional getting rid of the ring...it's like 'oh my goodness, I'm giving the ring to this guy I don't even know. I just met him today!'"