In the case of this event, time really IS money. Actor Arnold Schwarzenegger and three-time boxing champ Muhammad Ali hosted a charity auction of celebrities' watches that raised $1.5 million.
On the selling block Monday in New York were wristwatches from Mariah Carey, Jon Bon Jovi, Sophia Loren, Sharon Stone and some 30 other celebrities, The Associated Press reports. Schwarzenegger's titanium and 18-karat gold chronograph watch from the Royal Oak collection fetched the most cash -- $340,000 to be exact.
Ali's 18-karat pink gold watch from the Jules Audemars collection sold for $220,000. Bon Jovi's timepiece, an 18-karat white gold oval watch, went for much less, $20,000, as did Carey's 18-karat gold diamond watch, which fetched $21,000. Stone and Loren's watches each sold for $75,000.
At the end of the day, when all the bidding was over and the lots sold, Schwarzenegger surprised everyone when he took off the watch he was wearing and offered it for bidding. The prototype was the timepiece he wore for filming of his latest film, "The Sixth Day." It went for $35,000.
The fundraising event will benefit the Inner City Games Foundation, which offers educational programs for children, as well as the Muhammad Ali Center, an interactive educational institution.