Miley Cyrus Plans To Auction Off Liam Hemsworth's Engagement Ring [MORE DETAILS INSIDE]

Miley Cyrus and Liam Hemsworth's engagement and relationship was officially broke off last month, but Cyrus still has the $100,000 diamond engagement ring that Hemsworth gave her.

Apparently Cyrus is refusing to give the ring back and has plans to auction it off for charity. Hemsworth popped the question to Cyrus in May 2012 with the 3.5 carat cushion cut Neil Lane diamond ring. A report from Star Magazine says Cyrus is on the fence about giving the ring back because she's afraid that Hemsworth might give it to the next girl who he is in a relationship with.

Cyrus is not holding on to the relationship by any means and doesn't want to keep the ring because it'll remind her of the failed relationship between the two, which is another reason why she wants to put the ring up for auction and donate the funds to a charity.

Cyrus' heart seems to be in the right place and she is completely ready to move on. During her interview on with Ellen DeGeneres Cyrus said,

"I''m just letting that chapter kind of close, and just looking forward to that new one... I want to be really clear and determined with everything that I''m doing in my life right now, and I have been... I think sometimes it takes you separating yourself from someone else to really be happy with who you are."

Stay tuned for more news and updates.