A prized asset of internet mogul Kim Dotcom that was seized by police during a 2012 raid of his Coatesville mansion is now being auctioned off on Trade Me.

For a decade Dotcom’s 1959 Elvis pink Cadillac has been in possession of the Government - but now the iconic car is being auctioned with a reserve of just $1.

The car ended up in the seller’s possession a few days ago, which they say has been “kept in secure storage, and well looked after by the crown for this time”.

According to the seller, the pink Cadillac was purchased by Dotcom in approximately 2010, with the car arriving in New Zealand and wasn’t flagged by authorities before it went on display at Dotcom’s mansion.

Despite some minor defects and a broken horn ring, the seller listed the car to be in “great condition”, claiming experienced collectors have valued it at “at least $180,000 as it sits uncomplied”.

Kim Dotcom's former iconic 1959 Elvis Pink Cadillac is being auctioned. Photo / Trade Me

“Since these photos have been taken, the horn ring has broken, and the whitewall tyres have yellowed slightly. The chrome and paint are in great condition.

“The car has many options, including airconditioning. I have not found any stone chips, rust or any signs of major repairs to the body. I have had an experienced panel beater who specialises in classic cars inspect the vehicle, and he reported the vehicle to be in great condition.

“I have also had some experienced Cadillac collectors view the vehicle, one has given a value of ‘at least $180,000′ as it sits uncomplied.”

The car appears to have had the motor and transmission rebuilt. The two-door classic has clocked up just 99,000km, can fit six people and is an automatic.

For those wanting a closer look at Dotcom’s former iconic Cadillac, the seller says it may be on display at the Kumeu Classic Car and Hot Rod festival which runs from January 20 to 22.

So far, more than 67 bids have been made on the car, with the highest bid currently sitting at $70,901.

The auction closes on Monday January 23 at 9.30pm.

The pink Cadillac is removed from Kim Dotcom's then Coatesville mansion in Auckland on January 20, 2012. Photo / Getty Images

Since Dotcom was arrested on January 20, 2012, the German citizen-turned-New Zealand resident has done everything he possibly can to resist being extradited to the US on copyright-related claims that have been extrapolated into charges of mass fraud and organised crime under the mantle of Megaupload, a now-defunct file hosting service.

He first rose to fame in Germany in the 1990s as an Internet entrepreneur and was convicted on charges of computer fraud in 1994.

On November 4, 2020, the Supreme Court of New Zealand ruled that Dotcom could be extradited to the United States to face 12 criminal copyright-related charges.

However, he has since challenged the decision through a judicial review. As of May 2022, Dotcom is still fighting extradition.

He faces decades in jail if successfully extradited to the US and convicted on copyright, money laundering and other charges.