A 1937 Bugatti 57S type will witness bidders drool over it in London on February 19. A vintage model, termed as 'exceptionally rare condition' was discovered in a British workshop. According to auctioneers- Bonhams- the car poses a price estimate of between £5 million and £7 million ($6.7 - $9.5 million), CNN reports.

The Staffordshire workshop of the Bugatti's late owner, engineer and car enthusiast Bill Turnbull had been sheltering the car before it was found in the exceptionally rare condition, CNN reported Bonhams' statement.

The auction house's director Sholto Gilbertson told CNN that at the time they were first developed, the Bugatti Type 57S was the "ultimate model... of the time."

"When they came out they were effectively the fastest and most exclusive car you could buy. But they didn't build many of them and most of them [now] are in major collections or museums globally. This one has lain undiscovered for over 50 years. This could well be the last 'hidden' pre-war Bugatti of note," he said.

A spokesperson further added that the car body had been built around the chassis, which had essentially been recycled by Bugatti."So it's not only a missing Type 57S, it's one of the missing chassis that were very important at that time," he said.

According to Bonhams, after the chasis, which was record-breaking at its time, the car is a Grand Prix-winning Bugatti Type 57G Tank racing car model -- of which only three were made.