The British auction house Bonhams announced this week that they'll be auctioning off a Ferrari that was once owned by the late ex-Beatle John Lennon.

The auction is set to take place at the Goodwood Festival of Speed in Chichester England on July 12 according to the Bonhams' website.

Auction house estimates the vehicle will go for somewhere between 120,000 to 170,000 euros, or about $155,000 to $220,000. Since the vehicle belonged by one of the most famous and influential musicians of all-time, the auction house is expecting the vehicle to sell for much more than that.

The Ferrari was reportedly the first car Lennon purchased after passing his driving test in February of 1965. The news that Lennon passed the difficult English driving test even made headlines in the U.K according to the auction house.

"Within hours, the road outside the security gates of his Kenwood home in Weybridge, Surrey, was jammed with Maseratis, Aston Martins, and the Jaguar E-type, as luxury car dealerships - hungry for business - spotted an opportunity to secure a high-profile client," the auction house description reads.

The former Beatle ultimately decided on the blue Ferrari, which he paid 6,500 euros for, which would equal to 110,000 euros today, or $171,000, adjusted for inflation.

Lennon only owned the car for less than a year, and after that he was known for the Rolls Royce Phantom V limo he purchased shortly after the Ferrari. He later had the vehicle painted in "psychedelic" colors according to The Wall-Street Journal.

Back in 2011, the auction house planned to sell the Ferrari in Paris, but the seller had a change of heart shortly before the auction.

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