. . . as long as he still has it, that is. AP says:

You're going to have to take his word on these things, right? It's not as if we all have a clear, definitive picture in our mind of Nat King Cole's watch. You might wonder why he's doing this - a grand altruistic gesture to let the world enjoy the things he's accumulated, perhaps? Perhaps. But in the last few years he's had some financial difficulties. His pilot sued him for half a mil, and won. Last year he was sued for a lot more. According to a newspaper that has a habit of suing everyone who quotes their pieces online, which means they're not getting a link here, he's been sued not paying off a multi-million loan, not paying for hay for his horses, not paying off his Caddy, and leaving his airplane at an airport in Detroit, where it got moldy. (Really.) What happened? This site says:

When you're in that situation, you find out. Eventually.