The ring in question is a Tiffany & Co. 3.24-carat round brilliant cut diamond that's surrounded by a row of smaller diamonds. Anderson says all proceeds will go to her non-profit charity, The Pamela Anderson Foundation, which aims to protect human, animal and environmental rights.
"I hope this very special Tiffany engagement ring can bring joy to someone while I put the donation to great use," the 48-year-old actress told People. "One hundred percent of funds raised will go to The Pamela Anderson Foundation and this will mark the launching of my foundation's new eBay charity store, where there will be signed books and memorabilia."
The auction appears to mark the end of the road for Anderson and Salomon, a couple whose whirlwind relationship has been marked by tumultuous breakups and reunions.
The Baywatch star originally married the 47-year-old professional poker player-film producer in 2007 but had the marriage annulled just two months later. In January 2014, the pair announced they had remarried, only to separate in July, with Anderson citing "irreconcilable differences."
"We are confirming our client, Pamela Anderson, has filed for divorce from her husband, Rick Salomon. We ask the media to please respect Pamela and her family's privacy during this time," her rep said in a statement to ET at the time.
Their divorce was finalized in April, only for the on-again, off-again to be spotted canoodling in Italy just a few weeks later.
No matter what their status is, divorce has hardly been holding the famous blonde bombshell back. Her new book, Raw, is due out this month and features behind-the-scenes photography of Anderson by photographer Emma Dunlavy, as well as poetry from the actress on sex and romance. Get a glimpse of the pics in the video below.