The GT40 was created by Ford in the early 1960s to beat Ferrari at long-distance sports car races, after the US car giant failed to buy the Italian company in 1963.
"They're fabulous motor cars," said Adrian Hamilton, chairman of Hampshire dealer Duncan Hamilton & Co in Britain, who sold this same Gulf/Mirage works example for about £25,000 ($48,000 today) in 1983.
"The values are vastly different from Ferraris. Italian racers have an extra excitement and flair."
An apple-green 1962 Ferrari 250 GTO made for race driver Stirling Moss sold in a private transaction for a record US$35 million in May.
The Ferrari 250 Testa Rossa in which American driver Phil Hill won the 1958 Le Mans 24-Hour race was sold by French collector Pierre Bardinon for about US$25 million in May, according to anamera.com, a site that tracks classic car transactions.
The RM sale also includes a 1967 GT40 Mk I, one of 31 road cars produced. Lacking a Le Mans history, and a Steve McQueen connection, it is expected to fetch US$2.3 million to US$2.7 million.