The items include Parks' Presidential Medal of Freedom. Howard G. Buffett told The Associated Press on Thursday that his foundation plans to give the items to an institute he hasn't yet selected.
Buffett says that the items belong to the American people.
A years long legal fight between Parks' heirs and her friends led to the memorabilia being removed from her Detroit home and offered up to the highest bidder.
Parks became an enduring civil rights symbol after refusing to cede her seat on a Montgomery, Alabama, bus to a white man.