Reed Saxon / AP 1 / 16
Reed Saxon / AP 1 / 16

A custom bike owned by late actor Robin Williams has been auctioned off to benefit college scholarships for underprivileged students.

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The "Good Will Hunting" star, a keen cyclist, donated the red Pegoretti bike and an autographed Night at the Museum hat to the Hotbed benefit for the 10,000 Degrees organization shortly before his death on Aug. 11.

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He also helped organize the Moroccan themed event, which took place in Tiburon, Calif., on Saturday, Aug. 23, according to the New York Daily News.

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The bike fetched $20,000 at the auction, which will fund a year of higher education for two students.