The bat that New York Yankees legend Babe Ruth used to hit his 500th career home run is being put up for action. The bat was given to a friend, Jim Rice, in the 1940s and Rice's son, Terry, is selling the bat to the highest bidder.

Ruth gave the bat to Rice, who was the mayor of Suffern, New York at the time, according to the Associated Press. Ruth and Rice were very close as the two golfed and bowled together. In addition, Ruth knew the Rice family very well, including Jim's wife, Ethyl, and their children.

"It was always there. It was part of life," Rice said. "No one said I couldn't touch it. I never took it out and played baseball with it."

Rice was a fan of Mickey Mantle and Yogi Berra growing up, but also remembers Ruth's bat sitting in the family room. The bat was recently authenticated and received the highest possible grade, so it's in great condition.

"For an inanimate object, it's beautiful," Rice said. "It's in perfect condition."

Ruth became the first player to hit 500 career home runs with a solo shot off Cleveland Indians pitcher Willis Hudlin in 1929. When his career was all said and done, Ruth slugged 714 home runs and is currently third on the MLB all-time home runs list behind Barry Bonds and Hank Aaron.

"Babe Ruth is the king of the sports collectibles marketplace," SCP Auctions President David Kohler said. "When a fresh Ruth item of such quality and historical importance as this one surfaces, it generates tremendous excitement throughout our industry."

SCP has sold other Ruth memorabilia before. In 2004, they sold the bat Ruth used in the first ever game at Yankee Stadium for $1.26 million. The 500th home run bat may be sold for a similar amount.

Ruth's historic home run went over the right field wall in Cleveland and rolled down a nearby street. The ball was picked up by an Indians fan, but was returned to Ruth following the game.