25-year-old Hamilton made headlines on Friday when he was caught by police for doing doughnuts after leaving the Albert Park Formula One Grand Prix track in Melbourne.
The V8-powered Mercedes-Benz, similar to the one pictured above, was impounded by police after the incident under Victoria's anti-hoon laws. Hamilton was charged with improper use of a motor vehicle.
A bidding war is currently under way for the car with local Mercedes-Benz dealerships and Formula One enthusiasts both said to be keen to get hold of the car.
The car, which has approximately 5000kms on the odometer, was only driven around 100km by Hamilton during his two-day loan.
A Mercedes-Benz spokesperson said this morning that due to the car's brief but illustrious history that it is highly likely it will fetch more than its $150,000 list price.
Mercedes-Benz will donate any money made above that figure to the Alannah and Madeline Foundation.