Kim Kardashian's jewelry collection just got a lot more regal.

On Wednesday the SKIMS mogul, 42, purchased the diamond-encrusted amethyst Attallah cross pendant, famously worn by Princess Diana, at Sotheby's annual Royal & Noble auction.

The Kardashians star bid for the piece — which features square-cut amethysts accented by circular-cut diamonds weighing in at 5.25 carats — and eventually snagged it for $197,453 within the last five minutes. Sotheby's notes this was "double its pre-auction estimate."

"This is a bold piece of jewelry by its size, color and style which cannot fail to make a vibrant statement, whether it be of faith or fashion — or indeed both," Sotheby London's Head of Jewelry, Kristian Spofforth, shared in a statement. "We are delighted that this piece has found a new lease of life within the hands of another globally famous name."

Sources confirm to PEOPLE that Kim is honored to own a fine piece of jewelry once worn by the late princess. The beautiful cross pendant will be added to her growing collection of jewelry, pieces that were once worn or owned by strong, iconic women who have inspired Kim.

The late Princess of Wales donned the pendant on multiple occasions, the most notable being Birthright's 1987 London charity gala supporting the organization's humanitarian work for those in pregnancy and childbirth.

She wore the bejeweled, floral-detailed pendant on a long pearl chain and with a royal purple Victorian velvet gown by Catherine Walker.