04/12/2006 at 04:00 PM EDT
Now that Nicollette Sheridan is engaged to Michael Bolton, her ex-fiance has put the engagement ring he gave to the actress in 2004 up for sale on eBay.
"Why do I want to keep it?" Niklas Soderblom tells PEOPLE, referring to the 1.76-carat round-cut diamond Tiffany bauble. "I don't need that thing. It's a nice way to finish off something nasty with something nasty."
The ring has a starting bid of $20,000. Says Soderblom: "If somebody buys this and it makes them happy, it would be perfect."
In other Sheridan news, Billboard reports that the Desperate Housewives star will duet with Bolton on a song for his upcoming album, Bolton Sings Sinatra. Sheridan will lend her vocals to her current fiance's rendition of Frank Sinatra's 1963 song "The Second Time Around."
The tune could apply to Sheridan and Bolton, who dated in the early '90s and rekindled their romance after Sheridan and Soderblom split last October.