In return, Iggy got back the 1962 Impala caar she gave him last Christmas.
The ring is 10.43 carats, and reportedly valued at half a million dollars. The Impala is worth about $100k according to TMZ.
In California, and most states, an engagement ring is a gift in contemplation of marriage and if the nuptials never happen, the ring — by law — goes back to him.
As for the Impala, it was not tied to the marriage — it was a Christmas gift — so he did not have to give it back.