Elton John's Ferrari auctions on March 12

A Ferrari 512 Testarossa once owned by Elton John is to auction at Coys in London on March 12.

The impressive 1991 automobile was purchased new by the pop star.

John sold it for £98,000 ($146,273) in 2001, and it is now expected to achieve £90,000-110,000 ($134,335-164,188).

Examples without the famous connection sell for between £50,000 ($74,500) and £65,000 ($97,000), testament to the added value a past celebrity owner can bring.

Elton John's Ferrari auctions
As well as a celebrity ex-owner, the Ferrari boasts extremely low mileage

Recent sales suggest Elton John's car could put in a strong performance at auction. Freddie Mercury's Rolls-Royce, for instance, sold with impressive results in January 2013, bringing £74,000 ($119,401) - a 572.7% increase on its $11,000 top estimate.

Elton John's scarlet Ferrari is offered in near-pristine condition, complete with a signed letter of authenticity by the popular performer.

It has a mere 2,112 miles on the clock, causing Chris Routledge, managing director of Coys, to comment: "This must be the lowest mileage 512 TR available on the market today."

It is one of 40 cars that will go under the hammer on March 12.  

Elton John is a notable classic car collector. His collection is rumoured to have numbered in excess of 28 back in 2001.

Classic cars continue to beguile collectors with their aesthetic beauty, engineering prowess and historic significance. For more information concerning the investment potential of the classic car market, see Paul Fraser Collectibles' free guide to investing in classic cars.

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