The History Of WWE's Million Dollar Championship

World Wrestling Entertainment, Inc. WWE fans got a blast from the past Tuesday night on WWE NXT when WWE Hall of Famer Ted DiBiase Sr. revived the unsanctioned Million Dollar Title for the first time in more than a decade.

What Happened: The title belt billed as having a value of $1 million is actually covered in cubic zirconia, not diamonds. The Million Dollar Title will be on the line on June 13 during NXT’s “Takeover: In Your House” pay-per-view event and will go to the winner of the ladder match between Cameron Grimes vs. LA Knight.

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Title History: The Million Dollar Title’s history dates all the way back to 1989. After a failed attempt to “buy” the WWF Championship from Andre the Giant in 1988, DiBiase Sr. created his own unsanctioned Million Dollar Title belt and proclaimed himself the Million Dollar Champion.

DiBiase Sr. rarely put the title on the line in matches, but DiBiase’s former bodyguard Virgil did manage to win it at “SummerSlam” in 1991 and hold it for 77 days before DiBiase won it back. The Million Dollar Title was a constant accessory for the “Million Dollar Man” until its deactivation in 1992 when DiBiase Sr. won the WWF Tag Team Championship belts.

DiBiase Sr. brought back the Million Dollar Title in 1995, awarding it to "Stone Cold" Steve Austin, who was then known as The Ringmaster. When DiBiase Sr. left the WWF in 1996, Austin no longer carried the belt.

The Million Dollar Title was once again revived in 2010 when DiBiase Sr. awarded the belt to his son, Ted DiBiase Jr. After DiBiase Jr. carried the belt for 224 days, it was once again deactivated in November 2010.

Benzinga’s Take: The return of the Million Dollar Title is a fun trip down memory lane for WWE fans. WWE investors are likely much more concerned about Monday’s announcement by WWE chief brand officer Stephanie McMahon that the company will return to live touring in 25 cities this summer.