Kurt Cobain's 1959 D-18E Martin Guitar can be yours for as little as... $1 million

That's the amount that has emerged as the estimate for the Nirvana frontman's iconic guitar, which will head to auction in June. Julien's Auctions will sell the instrument as part of its "Music Icons" event in Beverly Hills on June 19 and 20.

Kurt Cobain's MTV Unplugged guitar to auction for estimated $1 million

Ahead of the auction, Reuters has settled on the $1 million estimate for the guitar. It featured prominently in Nirvana's 1993 performance on MTV's Unplugged series, which later became the band's hugely popular live album and concert DVD, MTV Unplugged in New York, in 1994.

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The set included acoustic renditions of Nirvana hits as well as covers of David Bowie, The Vaselines, and Lead Belly. The November 1993 concert was also among Cobain's last live performances before he died by suicide on April 5, 1994.

Nirvana covers "The Man Who Sold the World" by David Bowie on MTV Unplugged in 1993

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"This important guitar has earned its rightful place in rock & roll history as the instrument played by one of rock's most influential musicians and icons in one of the greatest and most memorable live performances of all time," says Julien's Auctions in a press release.

Nirvana has also proven to be a favourite of big spenders in previous auctions. Cobain's cardigan from the same Unplugged performance sold for a record $334,000 last year, according to People. Another of his guitars, a Fender Mustang, sold for $340,000, per the same report.

With an estimate of $1 million, Cobain's D-18E guitar—a rare instrument in itself—is projected to far surpass even these previous highs.