Gaddafi was wearing the silver ring and the beige coloured bloodied shirt when he was killed.
Ahmed Warfali, Libyan national has demanded $2 million for the belongings after it came into his possession.
According to Warfali, he could have attracted a higher bid for the items if he were to auction them in Europe.
However, many believe that Warfali should not auction the items.
"The ring does not belong to Gaddafi. It’s Libyan money and this guy should not sell the ring," said a person, who posted his comment on social networking site Facebook.
"Well you can sell Saif for 20 billion dollars, if you do not want the guy to sell the ring," read another Facebook post.
Gaddafi was killed near his hometown in Sirte by NATO. His son and Defence Minister were also killed in the fight. All three were buried on Tuesday, Oct 25 in an undisclosed location in the Libyan desert.