Heritage Auctions said the model was long known as "the missing X-wing" until it was found in the collection of Greg Jein, who died last year after a career in miniature making that saw him earn awards nominations for his work on projects including Star Trek and Close Encounters of the Third Kind.
The miniature was one of four "hero" models created for filming close-ups in key moments during the famous third act battle in Star Wars Episode IV: A New Hope and features red stripes on its top two wings, identifying it as the Rebel Alliance squadron's "Red Leader."
The model also stood in during some shots for Red Five, the ship piloted by Luke Skywalker (Mark Hamill), and Red Two, piloted by Wedge Antilles (Denis Lawson).
Heritage Auctions said the X-wing "represents the pinnacle of Star Wars artifacts to ever reach the market."
The model was considered lost by the Industrial Light & Magic team for decades before it was identified by visual effects experts helping Jein's family sort through his extensive collection of cinematic artifacts.
