Sylvester Stallone auctioning trove of 'Rocky' memorabilia

LOS ANGELES -- Sylvester Stallone auctioned off many of his personal items, props and costumes from his movie career, including the popular "Rocky" franchise, on Friday in Los Angeles.

Stallone, who attended the auction, said he wanted allow his fans an opportunity to enjoy the items he has mostly kept in storage for years.

A portion of the proceeds from the auction will be go to charities for U.S veterans and wounded servicemen.

"The memorabilia I have has been used and has been a part of my life for well over 40 years," Stallone said before the start of the auction. "It's been in my possession and I have fond memories of just about every object but there comes a point where I have used these objects enough and have created enough memories that I can let them go."

The two most expensive items in Friday's auction were the championship belt used in Rocky II and Rocky III and the boxing gloves Stallone wore when he won the championship in Rocky II.

Both items had a reserve price of $200,000, lowered from $300,000 originally, but none of the bids met that minimum.

Stallone said the championship belt and gloves were the hardest items for him to put in an auction that will span three days and cover about 1,400 items ranging from movie props to personal clothes.

Some of the other highlights in an auction that included items from other Stallone films such as "Rambo" and "The Expendables" was the black leather jacket Stallone wore in "Rocky," which went for $149,000, the small rubber handball used in "Rocky" and "Rocky II," which went for $32,500, the "Tiger" jacket from "Rocky II" which went for $42,500, the elaborate American flag light-up costume Carl Weathers wore in "Rocky IV," which sold for $43,750 and Dolph Lundgren's Ivan Drago costume from "Rocky IV," which sold for $45,000.

"Everything here has really meant something to me and has been used in films and has been part of my history and my life," Stallone said. "I've raised children and I've done many things and all these items and all these items are a part of that history. It's not easy for me to let it go but it's good that it going to people that have sincere feeling and a devout desire to be a part of a memory or a part of history or a part of their childhood and take in these objects into their life and enjoying them as much as I did."

Stallone also auctioned off gifts he has received over the years including a 2002 Los Angeles Lakers championship ring, a gift from Shaquille O'Neal, which sold for $22,500.

"I knew Shaq pretty well and I said, 'Let's do a little trade, I'll give you something from Rocky and you give something from your world,' and he says, 'OK,' " Stallone said in a prerecorded interview with Heritage Auctions. "So I get this box that says 'Sylvester Stallone' and this gigantic ring comes out ... I've looked at it for many, many years and I thought, "Wouldn't this be extraordinary for someone else to have who's a real basketball fan?"