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Nicklaus' gold Rolex watch sells for $1 million

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He wore it after he won the 1972 U.S. Open at Pebble Beach. He wore it after he won the 1986 Masters at age 46. He wore it for more than 50 years and you, too, can wear it if you have lots and lots and lots of money.

Jack Nicklaus’ gold Rolex watch is up for auction on Tuesday courtesy Phillip Auction House in Manhattan, New York. Nicklaus joined CNBC’s “Squawk Box” to discuss the watch, which experts say may go for … take a breath … over $17.8 million.

Nicklaus said it was his first watch and the only one he wore for five decades. He retired it in 2017 because he wanted to put it to auction to benefit children's health care. Jack and wife Barbara have long raised money to aid in children's health, from the Nicklaus Children's Hospital to the Nicklaus Children's Health Care Foundation.

Know Jack: Helping and saving children's lives

Jack and Barbara Nicklaus decided long ago that if they were ever going to help others, it would be children. And that's just what they are doing.

We’ll update with the final tally on Nicklaus’ watch sale. And if you want details on Newman’s record-setting watch, click here.

UPDATE: Nicklaus' watch sold for $1.22 million with all monies going to the Nicklaus Children's Health Care Foundation.