Larry Birkhead would like to set the record straight.

Birkhead spoke to E! News in an exclusive phone interview Monday afternoon to clarify quotes he gave to the Associated Press about why he bought lingerie worn by Anna Nicole Smith on Saturday night at an auction as a keepsake for his 1-year-old daughter.

"I didn't buy Anna's lingerie for Dannielynn," Birkhead explains. "We're still on Sesame Street. We won't get to Playboy until at least the age of 21."

Birkhead said that he bought nearly $3,000 worth of items—including two bustiers and two pieces of lingerie Anna wore in a 1992 Playboy shoot—in the Las Vegas auction.

"Playboy was a significant thing in her life and career," says Birkhead. "It was something that I did with pure intentions. It's something I will give her when she's an adult so she can better appreciate what her mother was about."