Historic Bob Dylan Guitar Up For Bids?

The 1964 Fender Stratocaster that Bob Dylan played at the Newport Folk Festival on July 25th, 1965, the night he "went electric," could be headed to the auction block.

Dawn Peterson of New Jersey says the guitar has been in her family's possession for nearly 50 years -- after Dylan left it in her dad's plane. Dylan, however, claims to still have the guitar after she went public with the news last year on the PBS show History Detectives. She says a recently settled legal dispute with Dylan paves the way for her to sell the guitar. "One term of the agreement that I obviously can disclose is that Mr. Dylan will participate in the sale to the extent that he will be signing off on any ownership interest after the sale," says Peterson attorney Christopher DeFalco. "The person who buys it will receive a bill of sale that will be signed both by the Petersons and Mr. Dylan or his representatives."

If and when she sells the guitar, she will also sell handwritten lyrics from from around 1965 which were in the guitar case and contain lines used in "Just Like a Woman," an early version of "Temporary Like Achilles" and "Medicine Sunday," an outtake from Blonde on Blonde. The guitar is estimated to be worth upwards of $500,000, with the lyrics bringing in another $50,000.