Famous ‘Grease’ car signed by Olivia Newton-John up for auction

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It is a piece of Hollywood memorabilia that has new meaning.

One of the famous cars from the film “Grease” is coming up for auction at the Mecum Auctions event in Monterey, California, on August 20.

The black custom 1949 Mercury known as “Hell’s Chariot” was raced by the villain, Crater Face, against Danny Zuko’s “Greased Lightning” down the Los Angeles River culvert in one of the film’s most iconic scenes.

The vehicle was built by legendary movie car designer Eddie Paul, who chopped the top off of a Mercury coupe to create the menacing hot rod, with its classic flames and a set of razor hubcaps that were used to tear through Zuko’s Ford during the race.

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Hell’s Chariot was built from a 1949 Mercury coupe. (Mecum Auctions)

The car later made appearances in the movies “Streets of Fire” and “Used Cars” before fading into obscurity.

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The car has been fully restored. (Mecum Auctions)

It was rediscovered just over a decade ago at a car shop in Huntington Beach in worn and weathered condition and purchased by its current owner, Dave DeSure, who had it authenticated by Paul and restored to its onscreen appearance.

The vehicle appears as it did in the film. (Mecum Auctions)

The car has since been used in several advertising campaigns and was featured in the opening sequence of “Grease Live!” on Fox in 2016.

Olivia Newton-John was paraded through Las Vegas in it on the way to her 2014 residency at the Flamingo hotel. (David Becker/WireImage)

Prior to that, it paraded “Grease” star Olivia Newton-John through Las Vegas to the opening night event for her residency at the Flamingo hotel.

Newton-John and “Grease” director Randal Kleiser autographed the dashboard. (Mecum Auctions)

Newton-John put her signature on the car alongside director Randal Kleiser’s autograph on the dashboard, where it remains today.

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The car was consigned to the Mecum event months before Newton-John’s death on August 8 and was given a pre-auction estimate of $600,000 to $750,000.

Gary Gastelu is FoxNews.com’s Automotive Editor covering the car industry and racing @foxnewsautos