Steve McQueen stands next to his 1963 Ferrari 250 GT Berlinetta Lusso in an undated file photo released to Reuters on April 27, 2007. [Reuters]

A Ferrari once driven and raced by "King of Cool" Steve McQueen is being tipped to fetch more than 1 million dollars later this year when it goes under the hammer, auction house Christie's said Friday.

The 1963 Ferrari 250 GT Berlinetta Lusso is to be auctioned at Christie's International Motor Cars auction in Monterey, California on August 16, and is estimated to go for between 800,000 to 1.2 million dollars.

"We are thrilled to be offering this seductive car," Christopher Sanger, Head of Christie's Car Sales in the Americas said in a statement.

Sanger said the Ferrari had been used regularly by iconic actor and noted car enthusiast McQueen in daily life.

"This was his personal run around -- not a film one-off extra -- but a car used for the grocery run, as well as trips to the racetrack."

McQueen, the star of classic films such as "The Great Escape", "Papillon" and "Bullitt" built a large collection of cars as his wealth and fame grew.

The Berlinetta Lusso was the first Ferrari to be parked in his garage, Christie's said.

McQueen, who died in 1980 aged 50, traded the car in 1973 before it ended up in the hands of a restorer.