A Hesketh 308 previously raced by James Hunt is set to go to auction in Monaco in May - and could sell for more than EUR500,000.

The Cosworth-powered 308 was the car used by Hesketh to make the move into F1 with Hunt in 1974, with four versions of the car being built by the team.

The car being offered for sale, chassis 308-1, is both the first and, arguably, the most significant incarnation of the car, having made its debut in Hunt's hands in the 1974 Brands Hatch Race of Champions.

Hunt then used the car to run fifth in the South African Grand Prix and took victory in the International Trophy race at Silverstone.

The car also remained in service with the team in 1975, where Alan Jones and Harald Ertl combined to give it three further top ten finishes.

The chassis is estimated to fetch EUR400,000-EUR650,000 at RM Auction's 2014 Monaco sale, with news of the sale coming only days after Hunt was inducted into the Motor Sport Hall of Fame.

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