The Beatles, foreground from left, Paul McCartney, George Harrison, John Lennon and Ringo Starr on drums perform on the CBS "Ed Sullivan Show" in New York on Feb. 9, 1964. Image Credit: AP

A Grammy Award given to late John Lennon is expected to fetch up to $500,000 at auction.

The Beatles legend, who was shot dead in 1980, and his bandmates, Paul McCartney, Ringo Starr and late George Harrison, were given the Grammy Trustee statuettes in 1972 in recognition to their "significant contributions to the field of recording", but the 'Imagine' singer didn't want his trophy, and it is now up for sale.

Gotta Have Rock and Roll, a music memorabilia-based auction house, told TMZ that John told the president of the Grammys: "I'm not a Beatle anymore, you can keep it," reports

A description of the award on the auction house's website stated: "The Beatles 1972 Grammy Trustee Award Presented to The Beatle John Lennon (John Gifted the award to the Head of Apple Records who was also the President of Naras The Grammys).

"The Grammy Trustees Award is presented to individuals who, during their careers in music, have made significant contributions, other than performance, to the field of recording. The Beatles won the award in 1972.

"Each member was presented with their own Grammy, this example being the one that was presented to John Lennon.

"The golden gramophone award is mounted on a wood base with an inscribed plaque affixed to it reading, 'National Academy of Recording Artists and Sciences, National Trustees Awards 1972, To, The Beatles, John Lennon'.

"Provenance: From the collection of the former head of Apple Records and the president of NARAS. "The consignor, a close friend of John, was given this award directly from John. The winning bidder will receive a letter from the executive confirming the details. "Beatles Grammy’s are virtually impossible to find and extremely hard to obtain. This example is exceptional and is a museum quality item. Good condition."

Bidding on the award currently stands at $200,000 but is expected to rise before the auction closes on Friday.

Other Beatles lots currently up for auction with Gotta Have Rock and Roll include handwritten lyrics, a 1964 signed US tour contract, an autographed setlist, and John's sunglasses, fountain pen and a matchbook.