Buddy's screen-matched hero Elf costume is expected to fetch up to $261,000. Andrew Matthews/PA Images via Getty Images

The suit worn by Will Ferrell in the 2003 comedy hit "Elf" is going under the hammer at an auction of movie memorabilia in London this December, and the skin-tight green and yellow piece of Hollywood Christmas magic is expected to fetch over a quarter of a million dollars.

Bidding for the iconic suit, complete with the conical hat and matching tunic, will begin at 50,000 pounds, the equivalent of about $65,000, but it's expected to eventually sell for as much as 200,000 pounds, or about $261,000, when the hammer falls at the Propstore Winter Entertainment Memorabilia auction.

According to the description on the Propstore Auction house's website, there are tags reading "Mr. Ferrell" on the inside of the tunic and the stockings, with "Hero-3" also handwritten on the tunic tag.

The auctioneers say the belt also has "Mr. Ferrell" written on it in blue ink.

Large movie productions often create several versions of the same props, but the term "hero" is typically used to describe the highly-detailed iterations which are central to the plot and intended for close-up shots in the final cut of the movie.

The suit going up for sale does not appear to be the same one that Ferrell wore to an NHL hockey game in Los Angeles just after Christmas last year, when he gave fellow sports fans a giggle by sitting near the ice looking disgruntled with a beer and a cigarette in the garish outfit.

Another notable item up for sale in the December auction is Marty McFly's iconic hoverboard from the second and third installations of the "Back to the Future" trilogy, which is expected to sell for more than $156,000.

According to the product description, it's the lightweight foam version of the prop, which actors used for scenes where their characters were seen carrying the boards, rather than a wooden version that Michael J. Fox and his fellow actors were seen riding in other parts of the movies.

The example of the then-futuristic hoverboard does have some "wear from use and age, including adhesive residue around the fastening strips, cracks in the foam, and paint chipping throughout," according to the auctioneers.

The most valuable lot in the auction, however, will be the original prop used as Boba Fett's rifle in "Star Wars: The Empire Strikes Back."

The auction house says it is the only known example of the prop. Other stunt versions and castings were made for later movies in the franchise, but, according to Propstore Auctions, this EE-3 carbine blaster has been "identified by its serial number and photo-matched by details on the stock, directly confirming its provenance."

The blaster, which started its life as a genuine 1917 Webley & Scott No.1 Mark I flare pistol, is expected to fetch the equivalent of around $915,000 when it goes under the hammer.

The three day auction begins on December 5 and will feature other iconic film memorabilia including Indiana Jones' fedora, worn by Harrison Ford in the 1984 "Temple of Doom" movie, Obi-Wan Kenobi's lightweight lightsaber from 1999's "Phantom Menace," and Jack Nicholson's stunt axe from the horror classic "The Shining."

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