London — 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

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