We've learned that Iggy and Nick struck a deal ... he gets the engagement ring back and she gets the car she had given him for Xmas.
Here's the breakdown ... the ring is 10.43 carats, and reportedly valued at half a mil.
As for the whip ... a '62 Impala is a classic ... a cherry one can go for as much as $100k.
It sounds like Nick made off like a bandit, but here's the twist. In California, and most states, an engagement ring is a gift in contemplation of marriage and if the nuptials never happen, the ring -- by law -- goes back to him.
As for the Impala, it was not tied to the marriage -- it was a Christmas gift -- so he did not have to give it back.
Now you know, Nick ... for next time.