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A guitar John Lennon handed off to his cousin after recording a Beatles' hit could fetch up to $1 million at auction.

Online Auction house says the Gretsch 6120 is one of the most significant Lennon guitars to come on the market in the last 30 owners and has had only two documented owners - Lennon and his cousin David Birch. 

The late Beatle played the guitar on the recording of the Beatles' classic "Paperback Writer" and gave it to Birch a year later after Birch says he asked his older cousin if he had a guitar he no longer wanted. 

Now 66, Birch is finally parting ways with the Gretsch, saying he's had it for 47 years now and he's not getting any younger.  

The auction opens for online bidding on Friday. It also includes a copy of the Beatles' "Sergeant Pepper's Lonely Hearts Club Band" signed by all four of the band's members, as well as three school detention sheets for Lennon from Liverpool's Quarry Band High School. 

One of the write-ups says Lennon received the detention for "singing at the top of his voice in the corridor." 

Photo: Getty Images