This is "Princess" The Purple Bear from the Ty Beanie Babies collection. It is a plush stuffed animal collectible toy. It is in the Beanie Babies Teddy Bear style. 
It has the heart & tush tags attached and the heart tag protector.
Approximate size: 8.5 inches.

The photos are of the actual item being sold. 

The item has been kept in a clean and smoke-free environment.

Any questions are welcome.