A plane once owned by Elvis Presley is going under the hammer after sitting on a runway in New Mexico for 30 years.

The private jet – a red 1962 Lockheed Jetstar – will be auctioned off later this month.

It has an estimated value of 2 million to 3.5 million US dollars (£1.5 million to £2.6 million).

Liveauctioneers.com said: “This jet was very important to Elvis as he owned it with his beloved father Vernon.”

The jet was one of many owned by the King of Rock ‘n’ Roll and Elvis designed the interior, which includes red velvet seats and red shag carpet.

The plane has sat largely untouched in Roswell, New Mexico, and has no engines and needs its cockpit restoring.

The auction website said: “This jet has the potential of being fully restored, and placed on exhibit for the world to come see.”

Elvis in 1970 (RCA Records/PA)
Elvis in 1970 (RCA Records/PA)

GWS Auctions said the plane will go under the hammer on Saturday at an event in California.

The auction will feature other celebrity memorabilia including handwritten notes from the Beach Boys and lost photos of late R&B singer Aaliyah.