You too can be the “King of Cool.” Well, kind of…

A bright red, 1967 Ferrari 275 GTB/4 once owned by Hollywood legend Steve McQueen will be coming up for auction this August and there’s a good chance that it could set a new record when the hammer falls.

The 275 GTB/4 is already a rare and wonderful car. Only 280 were ever made and the last time one came up for auction, bidding passed the $2.8 million mark.

However, that one wasn’t owned by Steve McQueen. The McQueen effect, as it’s known in car and motorbike collecting circles, is akin to the butterfly effect in terms of the prices vehicles can command that the legendary movie star and consummate racing driver has somehow touched.

There’s a good chance that when this car goes under the hammer on August 15 at Monterey, California to coincide with the Pebble Beach Concours d’Elegance, bidding could well surpass the $10 million mark. That would be sufficient to make it one of the most expensive Ferraris ever to sell at auction and just about enough to get the car into the top 10 list of all-time classics.

But even without the provenance of McQueen, this particular 275 GTB/4 would be a bargain at any price. That’s because the buyer will be getting essentially a new car. Once McQueen sold it in 1971 it was unceremoniously chopped up into a convertible spyder version.

Its current owner, former racing driver Vern Schuppan, spent two years and an awful lot of time in Italy at Ferrari getting the car completely restored, roof and all. The result is a car that’s 50 years old on paper, but pretty much brand new.