Ohio State legend Jerry Lucas auctions off more than $500,000 worth of memorabilia

If you have thousands of dollars to burn, a penchant for Ohio State basketball and plenty of vacant shelf space in your home, here's something that might interest you.

Ex-Buckeyes star Jerry Lucas is selling some of his most valuable memorabilia.

Among the 17 items Lucas is having Grey Flannel Auctions accept bids on this week are his 1960 Olympic gold medal and U.S. game-worn jersey, his 1960 Ohio State and 1973 New York Knicks championship rings and his 1979 hall of fame induction ring. Lucas is also auctioning off a handful of other jerseys and plaques from throughout his college and professional careers.

It's unclear the value of the entire collection at this point, but if all 17 items sold for just their minimum reserve prices, they would haul in more than $530,000. The minimum price the Olympic gold medal alone will sell for is $250,o0o, while the rings will fetch between $20,000 and $50,000 at minimum.

Lucas insists he isn't selling the items out of need for money. The 73-year-old Ohio State legend says he simply sees no use keeping it all when it has been collecting dust in a closet for years.

"Things don’t mean a lot to me," Lucas told the Middletown Journal. "They never have. I have real great memories associated with them, but they’re hard to see when they’re in a closet."

It's no surprise the price for some of Lucas' items is so high because he is one of the most successful players of his generation.

Named Mr. Basketball USA both his junior and senior year of high school, Lucas was one of the first players to draw recruiting attention from coaches across the nation. He then went on to validate the hype in college, capturing AP Player of the Year and Final Four Most Outstanding Player twice and leading Ohio State to its only national title in 1960.