The diamond necklace at the latest scandal surrounding actress Lindsay Lohan will be auctioned off for charity once the legal matter has been resolved and the Los Angeles County District Attorney releases it, news outlets report.

Lohan is facing a charge of felony grand theft for allegedly taking the gold and diamond bauble, worth a comparatively modest $2,500, from the Kamofie & Company jewelers in Venice Beach. She maintains that she borrowed the necklace and that it was an aide's responsibility to return the piece to the store.

The jewelers announced their intention to auction the diamond necklace and give the proceeds to charity after it was revealed that Lohan was threatening to sue the store's owners for reportedly accepting $40,000 to release the security camera footage of her trying on the necklace.

The owners of Kamofie & Company have invited the public to submit suggestions for the "most appropriate charity" to benefit from the sale of the necklace.