What's believed to be the world's largest emerald went up for auction in Kelowna, B.C., Saturday, but the gem failed to get a single bid after its owner was arrested on unrelated charges.

Regan Reaney was arrested on unrelated fraud charges Friday for oustanding warrants in Hamilton, Ont.

Reaney claims the 57,500-carat, 11.5-kilogram emerald is worth more than $1 million.

The emerald was appraised earlier this month. The appraiser admits the stone has been dyed but said it is 100 per cent an emerald.