Ashlee Simpson reportedly lost $500K wedding ring at a horse race

 Ashlee Simpson  and her husband, Evan Ross, experienced quite the scare over the weekend, losing the singer’s five-carat wedding ring.

Simpson’s ring--estimated to be worth around $500,000--reportedly fell off of her finger at an afterparty for the Pegasus World Cup at Gulfstream racetrack in Hollywood, Florida this weekend. According to reports from Page Six, the pair was partying at the trackside Carousel Club as DJ Cassidy was doing his “Pass the Mic” set.

“They were [dancing] in the VIP area in front of the stage with Nicole Scherzinger and DJ D-Nice… when Ashlee started yelling ‘My ring! It just flung off!’,” a source told the publication. “She was very upset and nearly in tears. Her group of friends started searching around the area with Evan’s iPhone flashlight.”

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After losing track of the jewelry, Ross went on to “lift up the sofas and chairs, looking underneath” in an effort to find it.

Luckily for the couple, the one-of-kind piece designed by famous jeweler Neil Lane--which features 140 white diamonds accented with rubies--was eventually found.

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“After almost an hour of searching, Evan looked in the bushes and found the ring in the dirt,” the source continued. After he recovered the precious cargo, “he spun around and got down on one knee in front of Ashlee as if proposing.”

Talk about turning lemons into lemonade!