Old iPhone set to sell for eye-watering price at auction – could you be sitting on a small fortune?

AN OLD iPhone is expected to fetch an eyewatering $50,000 at a US auction.

The ancient Apple device had previously been gathering dust on a shelf for 16 years.

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LCG Auctions put a price estimate of “$50,000 and up” on the phone[/caption]

The old phone has a two megapixel camera and 8GB of storage.

The first-generation iPhone was gifted to a Karen Green in 2007 when she got a new job.

But Green had recently got a new phone at the time.

So, instead, she put the device away for more than a decade.

The old phone is being auctioned off at LCG Auctions, which opens on Thursday and will end on 19 February.

Green, a cosmetic tattoo artist, contacted LCG Auctions when she heard of a first generation iPhone snagging a similar figure in October.

A first-generation iPhone sold for a whopping $39,339 late last year, which piqued Green’s interest.

LCG Auctions has now had an influx of old iPhone owners looking for a small fortune.

“We got calls from everybody but 99% of them didn’t have the same thing,” LCG Auctions founder, Mark Montero, told Business Insider.

“But Karen had a really unique piece with a great story behind it.

“It was shocking because we had gotten so many duds.”

LCG Auctions put a price estimate of “$50,000 and up” on the phone.

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