Liz Taylor's jewels fetch record $118m

Washington, Dec 14 (ANI): Elizabeth Taylor's jewelry collection set a new world record on Tuesday after selling for 118 million dollars at an auction.

Buyers from around the world phoned in to bid on the late actress' jewels, with several items selling for 10 times their estimated value.

One collector paid 600,000 dollars for a diamond and sapphire ring given to the star by Michael Jackson, while the 33.29-carat Elizabeth Taylor Diamond, a present from Richard Burton, sold for 8.8 million dollars.

The world famous La Peregrina necklace - a diamond and ruby rope with a 16th century pearl pendant - pulled in 11.8 million dollars, prompting a chorus of applause at Christie's auction house in New York.

The auction was expected to fetch 30 million dollars but a new world record was set after 115.9 million dollars was raised.

"This is without a doubt the greatest private collection of jewelery ever assembled in one place," Contactmusic quoted Marc Porter, chairman and president of Christie's America as saying.

A portion of profits from the sale is to be donated to the Elizabeth Taylor Aids Foundation. (ANI)