Because it wasn't there. Sauron had taken the Nine Rings back, presumably before the end of the Second Age.
At any rate, if anyone had taken and used the WK's Ring the result would have been exactly what happened to its first owner. An essential point Tolkien is on about is that you *can't* use the Enemy's weapons.
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The entire plot of The Lord of the Rings could be said to turn on what Sauron didn’t know, and when he didn’t know it.
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