The aircraft is one of 11 airworthy Hawker Hurricane warplanes in the world and it is expected to fetch A$4 million (NZ$4.9 million) according to a Bloomberg agency report yesterday.
Alpine Deer Group chief executive Graeme Ramshaw yesterday confirmed the company was selling the 1940 Hawker Hurricane MkIIA, which Sir Tim purchased in 1992.
The single-seater fighter was shot down over Russia during World War 2. It was recovered in the early 1990s and underwent an eight-year restoration programme.
The plane is for sale by auction. The sale will be held in Melbourne, Australia, on September 27 through London-based auction house, Bonhams and Goodman.
The Alpine Deer Group has been winding down the Alpine Fighter Collection for more than a decade and, if the Hawker Hurricane sells, just one aircraft - a Russian Polikarpov - will be left.
It is also for sale. Mr Ramshaw acknowledged some people would be sad to see the collection wind down, but said Sir Tim's legacy remained in the form of the Warbirds Over Wanaka airshow, which is now operated by a community trust.
Warbird ownership was spread throughout the country and other vintage aircraft owners now housed warbirds at Wanaka Airport, Mr Ramshaw said.
Whether the aircraft would continue to be flown at the airshow depended on the new owner, he said.
At various stages, the collection has been home to numerous flyable vintage aircraft including five Polikarpov fighters, a Mark XVI Spitfire and a P-51D Mustang.
Over the years, the collection's restoration programmes included a Japanese Nakajima Ki-43, a Curtiss P-40K Kittyhawk, a Russian Yak 3, an American Corsair, an American Avenger, two Messerschmitt Bf 1000 fighter-bombers and two Junkers Ju-87Rs.
Operations manager Ray Mulqueen continues to work for the company on contract.
The remnants of the wound-down collection are kept in a hangar belonging to the New Zealand Fighter Pilots Museum, at Wanaka Airport.
It was just one business arm of the Alpine Deer Group of companies, which would continue with its other activities, Mr Ramshaw said.
