Russell paid twice what Martin had been offered by an auction house and promised his cousin if he ever sold the gear for more than what he paid he would share the profit with Martin.
And did bidders go wild, even forking out $7000 for the tempestuous star's jock strap from the film Cinderella Man.
The 54-year-old devised the auction as a way to deal with the end of his nine-year marriage to Danielle - following their separation in 2012 - and to clear out "stuff".
Among the pricier "stuff" that was snapped up: the armour he wore for his Oscar-winning role in "Gladiator", valued at between $20,000-$30,000, was purchased for AU$135,000 (the Australian dollar is almost on par with the Canadian dollar), while the rare 128-year-old Leandro Bislach violin he played in "Master and Commander" sold for AU$135,000.
James J. Braddock's cancelled relief cheque from the Emergency Relief Administration of New Jersey.
He also added that owning such a large collection of important items came with a huge responsibility.
"This is the killer", Crowe says.
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A replica Roman chariot, thought to be worth up to 10,000 Australian dollars (£5,446), was sold for 65,000 Australian dollars (£35,400).
"It is", Crowe continues, "the cap that Bert Oldfield was wearing when Howard Larwood struck him on the head". "This is massively historical".
Martin Crowe's signed 1995 one day global shirt.
The 227 lots are a hodgepodge of movie memorabilia, fine art, antique weapons, motorcycles, musical instruments, watches, and a 2001 Mercedes S class with 101,661 kilometres, estimated to sell for A$15,000 to A$25,000.
The Jonah Lomu signed jersey was given a pre-sale estimation price of between $3,000 and $4,000 (£1,635 - £2,180).
Among items he admitted he struggled to part with, Crowe pointed to the concert violin, made in Milan in 1890, he used in duets with his friend, ship's surgeon Stephen Maturin, in Master and Commander.
"Part of that collector's passion is actually an excitement-that the next person who comes along and has the custodianship of a particular item is going to enjoy it and love it as much as I do".
"Divorce has its way of making you really examine the things that are essential in life - and the things that are not", Crowe said in a statement announcing the auction, reports the Daily Mail.