my* new bubbler

So here it is. I got my friend (supposidly my best but idk bout that any more) to buy me a bubbler (I coulda got it but I was busy and he was going anyway) it ran me about 70$.
I was nice enough to let him use it over the weekend. Well were both in HS yet and he was gunna bring it today. So last night I texted him (he always keeps his phone with him) and asked if he wanted to meet before school and smoke. He didn't answer and in the morning I texted him and said remember it.
At school he fed my this story.
He told me that last night he was blazing and heard his parents come home so he went into the bathroom. He says his dad knocked and was like "what you doin? Your phones buzzin out here." so he says "what's it say?". /facepalm
Well his dads like "...get the he'll out here" and he was asking about the bubbler. He said he told his dad that he already gave it to me and that it was already out of his hands.
Well the next morning his dad still had his phone and got the remember it txt. So he searched him as he was heading out the door and found the bubbler and "took it in the kitchen and smashed it on the counter"

I have no doubt that this kid would try and screw me over for his advantage, he's one of the type that only thinks about himself.
But here's the thing my dad and his have known eachother their whole lives. His dad would have told mine and I'd be in deep shot right now if he knew and he hasn't said anything to me.
Do you think mu suspicions are true? What should I do about this?

Peace.

 

Yeah, he got his phone back right after school and he was supposidly grounded but he came to our basket ball game. I think he was high too said he didn't have weed.
I was thinking about bullshiting him and saying my parents never said anything so i asked them if they talked to his dad about me getting a bubbler and they were gunna talk to his parents then maybe see if he admits it. Or should I just take the direct approach?