The item was bought for $5.
A Frank Sinatra shirt is set to go under the hammer on New Year's Day.
The item - which is yet to have an antique price guide and was purchased for $5 (£3.23) at a Newport Beach yard sale last year - will go up for sale at Don Presley Auctions in California to the highest bidder.
Auctioneer Don Presley explained the garment was originally bought by a laid-off construction worker called Rick Gorski, adding: "He knew its value would be greatly increased if it could be proved genuine."
What's more, Mr Gorski's antique-collector brother examined the clothing - which comes complete with Frank Sinatra tags - and researched its background.
Other music memorabilia set to go under the hammer includes a suit worn by Beatles star John Lennon on the cover of the group's Abbey Road album, the Telegraph reports.
In addition, the garment has an antique price guide of $120,000.
Posted by John Folwell