Walter Davis, former NBA All-Star, auctions 1976 Olympic gold medal

Walter Davis is auctioning the 1976 Olympic gold medal he earned with the U.S. basketball team, pictured here in a game against Yugoslavia. (AFP/Getty Images)

Walter Davis is auctioning the 1976 Olympic gold medal he earned with the U.S. basketball team, pictured here in a game against Yugoslavia. (AFP/Getty Images)

Walter Davis, a former six-time NBA All-Star and the Phoenix Suns' all-time franchise leading scorer, is auctioning his 1976 Olympic gold medal that he earned with the U.S. basketball team in Montreal, according to Adi Joseph of USA Today Sports.

The online auction site Grey Flannel Auctions is hosting the bidding process. As of Thursday afternoon, there were four bids and the highest one is currently listed at $12,000. The auction is set to close just after midnight on Sept. 7.

The sale is part of Grey Flannel Auctions' seventh annual Basketball Hall of Fame induction auction, which will take place live from Springfield, Mass, the site of the Basketball Hall of Fame.

The 1976 gold medal marked a return to prominence for the men's U.S. basketball team. After winning the previous seven gold medals, the team, coached by legendary NCAA coach Dean Smith, lost to the Soviet Union in a controversial, one-point loss. Four years after winning gold again in 1976, the U.S. would go on to boycott the 1980 Olympics in Moscow because of its involvement in the Cold War.