After dropping more than $1 million at an auction, Drake is now the new owner of a custom-made ring that Tupac Shakur wore during his final public appearance.

The Grammy-winning artist, who's now on a North American tour with 21 Savage, showed off the dazzling gold, ruby and diamond crown ring in a photo posted to his Instagram story Thursday. In the image, Drake shouts out Travis Scott's Friday album release, "Utopia," which features Drake on the track "Meltdown."

The accessory is "an exceedingly rare piece of Tupac's signature aesthetic and a slice of hip-hop history," according to a Sotheby's release. The auction house confirmed Friday that Drake bought the piece after Shakur's godmother and lifelong supporter, Yaasmyn Fula, put it up for auction earlier this week.

Sotheby's initial estimate for the ring's sale was $300,000. Drake's winning bid, $1.01 million, was more than triple that amount, making it one of the most valuable hip-hop artifacts to be sold at auction, according to Sotheby's.

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Tupac's crown ring sold at auction amid investigation into his killing

Shakur designed and commissioned the crown ring in 1996 and wore the jewelry during his appearance at the MTV Video Music Awards that year, according to Sotheby's. Engraved on the band is the inscription "Pac & Dada 1996," in an ode to fiancée Kidada Jones.

In June, Shakur posthumously received a star on the Hollywood Walk of Fame. The rapper's sister, Sekyiwa "Set" Shakur, tearfully accepted the distinction on his behalf. "We’re not just honoring a star in the ground, but we’re honoring the work and the passion that he’s put into making his dreams come true," she said.

The sale also comes amid a renewed investigation into Shakur's long-unsolved killing.

On July 17, the Las Vegas Metropolitan Police Department served a search warrant in Henderson, Nevada, in connection with the drive-by shooting in Las Vegas 30 years ago that killed one of the most prolific figures in hip-hop. He was 25 years old when he died on Sept. 13, 1996.

Detectives were in search of items belonging to the uncle of one of Shakur's rivals, according to warrant documents obtained by The Associated Press. The case is being presented to a grand jury in Las Vegas, according to a person with direct knowledge of the investigation who was not authorized to speak publicly.

The home that Las Vegas police raided in connection with the shooting of Shakur is tied to one of the only surviving witnesses to the crime, a man long known to investigators whose nephew was seen as a suspect shortly after the rapper's killing.

Watch:Tupac's sister tearfully accepts late rapper's posthumous Hollywood Walk of Fame star

Contributing: The Associated Press