By alley - Jun 25, 2014, 9:41 AM ET

Porsche 917 from McQueen's "Le Mans" to go up for auction

This August's classic car auction at the Pebble Beach Concours d'Elegance in Monterey will include one of the most desirable vintage racecars ever – a 1969 Porsche 917K in Gulf livery that was featured in the 1971 movie "Le Mans" starring Steve McQueen. The car won the race in the movie after an intense late battle with a Ferrari 512.

One of 24 917s known to be still in existence, chassis number 917-24 is tipped to raise as much as $20 million or more at the Aug. 16-17 auction, due both to the continuing value of anything with McQueen provenance as well as the eternal appeal of one of history's most legendary racecars.

The car was formerly owned by racer Jo Siffert. Auction organizer Gooding & Company said that Siffert's estate sold 917-24 to a French collector who kept it in storage.

"This 917 remained hidden and unknown for roughly 25 years before re-emerging as perhaps the greatest 'barn find' ever," the auction house said in a news release. "Since resurfacing in 2001, 917-024 has benefitted from an exceptional restoration."