The Irsay family will auction off the majority of the memorabilia collection owned by Jim Irsay -- a compilation of items for which the late Indianapolis Colts owner once said he was offered more than $1 billion .

The auction will be run by Christie's starting in March, with the Irsay family planning to keep some select items and providing a portion of proceeds to charity.

"This decision was not made lightly, but with deep reflection and love for the legacy he built," the Irsay family said in a statement Thursday released by the Colts. "Our dad was a passionate collector, driven not by possession, but by a profound appreciation for the beauty, history and cultural resonance of the items he curated. From iconic instruments to handwritten lyrics by legends to rare historical artifact

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