Elvis Presley's white jumpsuit up for auction

The late Elvis Presley's iconic jumpsuit is up for auction.

Elvis Presley. Source: Bang Showbiz

The Blue Suede Shoes hitmaker donned the white eyelet jumpsuit and cape, which were designed by Bill Belew, for a string of shows at New York's Madison Square Garden in 1972 and now wealthy fans of The King have the chance to own the legendary outfit as it's going under the hammer.

Kruse GWS Auctions will open live bidding on Saturday (local time), and the jumpsuit has an opening bid of $350,000 (NZD$488,500), while the cape is currently going for $50,000 (NZD$69,800).

Various other Elvis items are up for sale in the auction, including a collection of his hair saved by the singer's barber, the helmet he wore in Viva Las Vegas, and a Bible given to him by a fan.

And one lucky fan can enjoy a private lunch in Beverly Hills with Elvis' ex-wife Priscilla Presley, who is thrilled her former spouse's belongings will be going to good homes.

She told People magazine: "I thought, 'Why not be a part of it?' I used to have a different opinion about these estate sales, but then as I got older I realised that you have to pass these things down to someone who'll really appreciate them."

Auction bosses are delighted to have the Naked Gun actress involved with the sale.

Kruse GWS founder Brigitte Kruse - who will also be at the luncheon - said: "She's just such a wealth of experience and knowledge. You don't study and learn about Elvis without learning about Priscilla as well. Their names are synonymous."

A portion of the proceeds from the auction of the meal will go to the Dream Foundation, which supports terminally ill adults and their families, in honour of the actress' late mother Ann, who died last month.

Priscilla said: "I'm just happy this year has passed, and hopefully we can have some good news come in."

Non-Elvis fans can also pick up a piece of history at the auction, as other items in the sleeve include Dame Elizabeth Taylor's maroon dress from National Velvet, Marilyn Monroe's black sleeveless 'wiggle' gown, a red scarf and a red crystal bottle previously belonging to Jimi Hendrix, and Les Paul's personal guitar case, which carried the first of his eponymous instruments in 1952.