The red and blue outfit, complete with cape and boots, was seen on late actor Reeve in 1987 blockbuster 'Superman IV: The Quest for Peace' and is expected to fetch as much as USD 32,000 at the Julien's Auctions sale in Beverly Hills, California.

The costume, made by London-based designers Bermans & Nathans, was given to a member of the production team after filming on the movie wrapped. "It is still in great condition and you can see the little sewn-in slots where the cables were attached for the flying manoeuvres in the film.

It's an iconic outfit and I guess one of the only times in history when wearing underpants on the outside was a good look," Martin Nolan of Julien's Auctions said in statement on their website. The costume will be sold off during the two-day sale on April 5-6.u00a0