Back in July, the Poison frontman explained the ring to UsMagazine.com. "[It's] a 'promise ring with benefits,' It's a promise of an engagement but without a date," Michaels said, noting that it was a "beautiful moment" on Christmas 2009 when he gave the gift.
"We realize that we already have the children; we've already got that done," he continued. "If you love and respect someone, and Kristi and I do, I think that one day it will be right for me to make an honest woman out of her," he said, laughing.
At the time, Michaels explained that the "promise ring" would serve as Gibson's engagement rock as well. "That was a hefty ring!" he told Us. "I said 'that ring is going to encompass a friendship ring, promise ring, and engagement ring.'"
Hefty, indeed: Sources tell Us that the couple designed the 4-carat platinum cushion-cut ring with micro pave diamonds at a cost of over $200,000.
"She's been very patient and strong," Michaels told Us of Gibson, who stood by his side this year throughout his scary brain hemorrhage and subsequent stroke. "It just made our bond for each other that much stronger. It gave us a bond that's unbreakable."