Lindsay Lohan's Necklace Overpriced? Actress Could Evade Felony Theft Charge for Inflated Jewelry, Says Report

Actress Lindsay Lohan, center, arrives at the LAX Airport Courthouse in Los Angeles, Wednesday, Feb. 9, 2011, to be arraigned on a felony grand theft charge that prosecutors say they will file over a $2,500 necklace reported stolen by an upscale jewelry store.
AP Photo/Jae C. Hong
Actress Lindsay Lohan, center, arrives at Court in Los Angeles Feb. 9 (AP Photo/Jae C. Hong)

(CBS) How much is that necklace on Lindsay Lohan? That's the lingering question in the ongoing saga of the actress' recent legal woes.

Lohan was arraigned last week on a felony grand theft charge that she stole a "one of a kind" $2,500 necklace from an upscale jeweler in Venice, California; however, according to celebrity news site TMZ, the necklace was overpriced and may not have enough value to uphold a felony charge.

Several prominent jewelers in Southern California, who opted not to reveal their names, priced the necklace at more than $1,500 less than what retailer Kamoife & Company was selling it for, according to TMZ.

One retailer claimed the necklace, which was reportedly made up of 8.84 carats of natural, untreated yellow diamonds, was "a dime a dozen," while another said it didn't think the piece was worth more than $900, reports the site.

In order for a theft charge to be deemed a felony, the item in question must have a fair market value of more than $950, according to TMZ.

If the necklace is in fact worth $950 or less, Lohan could evade felony charges and get slapped with a misdemeanor, which carries a maximum penalty of six months in jail.

Lohan maintains that she was loaned the necklace, and was told that she could keep it if she was photographed wearing it in a major publication.