A rare D-Type Jaguar – the only one in Australia – is up for auction in Melbourne this weekend and is likely to set a new record as the country’s most expensive car.

But the Jag’s price estimate of $AU7-8 million is an absolute bargain when compared to the Jaguar D-Type sold at auction last year in the US. That 1956 Le Mans-winning Ecurie Ecosse car, XKD 501, fetched $US21,780,000 in August 2016. It was at the time a world record for a British car.

The Australian D-Type, chassis XKD510, was originally owned by former Le Mans 24 Hour winner Duncan Hamilton, and made the trip Down Under via French West Africa and Singapore, arriving in Australia in the late ’60s.

Its owners include Australian motor racing legend and former Lear Jet president Bib Stillwell, who set his first record in terms of what he paid for it at auction, before he took it to the USA to enjoy on the historic racing scene. More recently the car has been on show at the UK’s Donington Museum.

Auctioneers Mossgreen have 31 cars and motorcycles in their inaugural Motorclassica auction at the World Heritage-listed Royal Exhibition Building in Melbourne this Saturday, 14 October at 6pm (AEST), featuring marques such as Ferrari, Mercedes-Benz, Jaguar, Maserati, Lamborghini, Aston Martin, Porsche and Holden (which ceases production locally next week).

If the D-Type’s out of your price bracket, the 1961 E-type 3.8 has a $AU300,000 estimate.

The other cars include a 1956 Cooper Climax T39 Bob-tail sports car once raced by British-born American Lance Reventlow, son of Woolworth’s heiress Barbara Hutton, estimated at more than $400,000, as well as a 1934 MG Q Type, a boat-tailed 1930 Ford Model A, and a 1924 Vauxhall 30/98 Tourer that set both trans-continental and around Australia records in the late ’30s. Then there’s a 1958 Lister-Jaguar ‘Knobbly’ recreation, an original 1965 Porsche 911, two Maserati Ghiblis, a 1969 Mini Cooper S, and a 1961 Jaguar E-type.

Motorcycle fans will be bidding on a matching pair of 1939 Harley-Davidson Model Us, known as Black Saddle and Brown Saddle, owned by the family for 78 years and 68 years respectively.among others.

Mossgreen CEO Paul Sumner said the Jag D-Type is one of the world’s most significant and collectible marques

“It’s the most valuable car to ever go to public auction in Australia, and no doubt will set new records,” he said.

The full auction catalogue is available here .

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.