Hold the phone...
TMZ reports are claiming that the actual value of the infamous diamond necklace, retailed at $2,500, could be less than the $950 amount needed to charge someone with grand theft felony under California law, so the actress could walk away with petty theft instead.
We called up the LAPD to make sure this was in fact true, and...
E! News can confirm that if the jewelry store owner says it's worth $2,500, then to the LAPD, it's worth $2,500. It's up to the district attorney, city attorney and LAPD detectives to figure out the actual worth of the item and figure out if it's worth pressing charges.
"Think about this, you have an item that you know is only worth $500, but you are going to sell it and someone is going to give you $1,500. But then someone else steals it. Well, you have a $1,500 item when you think about it. Even though it only cost you $500, you are out $1,500," LAPD Sgt. Ron Pickering told us.
In case you didn't quite get that, here's another example:
"If you steal a laptop from Best Buy valued at over $1,000—but you know Best Buy didn't spend that much on it. They spend it at half price and mark it up 100%—well, from my experience, they will still get felony grand theft."
So it looks like even if the missing necklace is worth less than the grand theft felony cutoff, it's retail price of $2,500 will still hold LiLo against the larger charge.
—Reporting by Marcus Mulick