"It's definitely the most important piece of screen-worn Prince clothing that's ever come up for auction," said Joe Maddalena, president of the Calabasas, California-based auction house, Profiles in History. "This is a signature piece of wardrobe worn from an iconic movie in his most famous role."

The coat is a unique find from the typically reclusive artist, who was found dead last week at his Paisley Park complex just outside of Minneapolis, said The Hollywood Reporter.

"Prince memorabilia in general, it just really doesn't exist. It seems like he controlled it all," Maddalena said. "This is the first time ever for something like this, and it might be the only time because the rest of the costumes may be in his (personal) wardrobe."

The original seller said her sister, a makeup artist, received the piece from Prince after they worked together on 'Purple Rain'. The June 29th auction will also include costumes from
Britney Spears, Katy Perry, Alicia Keys and a Swarovski crystal studded glove from Michael Jackson's 1992 Dangerous world tour.

Maddalena said he believes the "Purple Rain" blazer will be the "star of the show" and expects it to sell for much more than the asking price, USD 6,000 to USD 8,000. "Hopefully it will reach a price that is equivalent to his stature as a musician," he said.

Recently, king of pop Michael Jackso's "Beat It" jacket, from his History Tour, sold for USD 256,000.

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