To make a long story short, this is the first and only unsanctioned Title in WWE history.
It has been introduced by The Million Dollar Man Ted DiBiase on the Brother Love Show in 1989.
It all started in 1987-88 after many unsuccessful attempts to win the WWF Title against Hulk Hogan and Randy Savage.
The Million Dollar man also tried in vain to buy the Championship from Hogan.
When he finally put his hands on the coveted gold, it was for just a short moment, not aknowledged by the WWE even today. It happened at the end of 1987, when Andre The Giant handed him the belt, after a controversial win on Hogan. But, as stated in the rules book, a Championship could not be handed, so the WWE Title has been vacated.
Following those years of frustration at not winning or buying the WWF Championship, DiBiase awarded himself The Million Dollar Belt.
The $100,000+ golden belt has been designated by an actual jeweler; it was made with gold plating, cubic zirconia and three miniature real diamonds.
DiBiase held the expensive Title for a total 1010 days and almost never put it on the line.