On Sunday's episode of Last Week Tonight, Oliver offered an update on the auction, revealing the jockstrap had sold for $7,000.
"Holy shit, $7,000! That is a big price to pay just to find out what Russell Crowe's balls smelled like in 2005," the host quipped.
And then came the kicker.
Following a short segment about how the last few Blockbuster stores in Alaska are struggling to stay afloat, the comic addressed rumours that he was the mystery buyer.
"There has been some speculation out there that we were the ones who bought that jockstrap, and I will admit that it does sound like something we would do," Oliver said.
"You know, buy Russell Crowe's jockstrap and send it to one of the last remaining Blockbusters in Alaska. Even that sentence is absolutely incredible to say out loud. The bad news is, we didn't do it. I'm sorry, I'm sorry. It wasn't us. We didn't buy it."
Oliver then paused, barely containing his excitement.
"Except we did though, we absolutely did," he said, before yelling the famous line from Crowe's Gladiator: "Are you not entertained?"
As it turned out, Oliver and his team bought more than just the jockstrap.
"It was 4 am over here, and you know what happens when you start online shopping late at night?" Oliver said.
"This was very much one of those times. We didn't just get a jockstrap, we got a bunch of pointless Russell Crowe memorabilia," including gym shorts and a satin robe also from Cinderella Man, a hood the actor wore in Robin Hood and a vest he donned for Les Miserables.
His plan? To give it all to an Alaskan Blockbuster, hopefully transforming it into a tourist destination.
Oliver addressed "the manager of the only remaining Blockbuster in Anchorage," saying, "Just call us in the next 48 hours, and we will send it to you."
"And I really hope the internet is good enough up there for you to see this in time," he added, "because if we do not hear from you in the next two days, I know a transportation museum in Scranton, Pa., that I'm sure can make room for a new exhibit."
Earlier this month, Crowe revealed the auction earned $3.7 million, with around "$350,000 of conversations ongoing" following the event.
Washington Post, Fairfax Media
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