Sotheby's auction house said Tuesday's million-dollar bid makes the gold, ruby, and diamond crown ring the most valuable hip-hop artifact ever sold at auction.
The legendary rapper wore it during his final public appearance at the MTV Video Music Awards in September 1996. He was killed just a few days later.
The ring features an inscription referencing Kidada Jones, the daughter of legendary composer Quincy Jones who was engaged to Tupac at the time of his death.
Tupac's godmother offered the ring for auction. She told Sotheby's the ring was designed by the rapper himself and was made in New York City after he had just signed with Death Row Records.
Before the auction, Sotheby's had estimated the ring would sell for between $200,000 and $300,000.
CNN contributed to this report.