The jumpsuit was custom-made for Lee by a Hong Kong tailor but is smaller than its original size, having shrunk by about 15 centimeters (6 inches) when it was washed after the filming, said the auction house's vice chairman, Anna Lee.
The auction house said Lee gave the items to his friend and former student Taky Kimura, who sold them to the collector.
Spink said the unidentified collector decided to sell the items this year, which marks the 40th anniversary of Lee's death.
Other props from "Game of Death" to be sold include a pair of yellow lacquered wooden nunchaku expected to fetch $26,000-$38,700 and a bamboo whip with an estimate of $9,000-$10,000.
Lee said buyers will receive a certificate of authenticity from Kimura.