(Cover) - EN Showbiz - Taylor Armstrong's flashy $250,000 engagement ring has gone up on the auction block.

The Real Housewives of Beverly Hills star had been given the ring by her late husband Russell Armstrong.

He committed suicide last year leaving Taylor in a lot of debt and one of the investors who had sued the couple took the pricey piece of jewellery to pay off part of what she owed them.

TMZ claims that the Russell allegedly fleeced the investors out of millions of dollars. A court ordered the couple to pay back the money but the Armstrongs never did.

Now Taylor has reached a new settlement deal to end the matter which included paying cash and giving up some personal property, including the ring.

Taylor is said to be very upset because she wanted to pass the ring down to her daughter Kennedy but did not want to incur more debt by taking on another legal fight. (C) Cover Media