Harrison died in November 2001

The instrument was also used by the late musician during the filming of the Beatles' movie Let it Be.

The custom-made Fender Rosewood Telecaster previously went on sale in London in 1999 but failed to meet the asking price and was withdrawn.

The guitar is being sold by musician Delaney Bramlett who received it as a gift from Harrison in 1969.

The Fender Telecaster was custom-made

He previously sought �200,000 ($318,000) for it at Bonham's in London, but the highest bid received was just half that amount.

"He played it on January 30, 1969 on the rooftop of Apple Records in London, the last time the Beatles performed together in public," said auction house president Bill Miller.

Forrest Gump

After the group split, Harrison went on to enjoy a solo career, as well as joining up with other stars in the supergroup the Travelling Wilburys, including Bob Dylan and Roy Orbison.

Harrison died in November 2001, after a long battle with cancer.

Other memorabilia in the two-day sale include a knife used by Arnold Schwarzenegger in the film Commando, and the marine uniform worn by Tom Hanks in the Oscar-winning film Forrest Gump.

There is also a brick taken from the famous yellow brick road featured in The Wizard of Oz.