Elton's Daytona Ferrari, which he's believed to have purchased after the success of his 'Goodbye Yellow Brick Road' album, will be auctioned off during the Silverstone Classic Sale in Warwickshire, England.
It's part of the collector car sale being held on July 29th and 30th.
Elton owned the red number for just a couple of years. The last collector had the car for 16 years.
The Daytona is reportedly in immaculate condition, despite 81,675 miles on its odometer. It comes with copies of the original build sheets, order forms, delivery correspondence and a chronologically ordered file of every Ferrari service bill and receipt from new.
The estimated value for the Daytona is £525,000 to £575,000 ($681,000 to $746,000).
Will Smith, classic car specialist for Silverstone Auctions, says his company is delighted to be offering this car ''with pure rock and roll history.''
“The Daytona was billed as the fastest road car in the world in its day, faster than the Lamborghini Miura released two years earlier. The car presents in exceptional condition having been very well maintained by its previous owners, including Sir Elton John, adding extra appeal and distinction to this rare and collectible classic car.”
For information about the Silverstone sale and Elton's old vehicle (Lot 439), visit the auction website.