Old iPhone set is auctioned off at a stunning price – could you be sitting on a small fortune?

AN OLD iPhone is expected to fetch a whopping $50,000 at a US auction.

Previously, the ancient Apple device had been gathering dust on a shelf for 16 years.

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The old phone has a two-megapixel camera and 8 GB of storage space.

The first generation iPhone was gifted to a Karen Green in 2007 when she got a new job.

But Green had recently gotten a new phone back then.

Instead, she put the device away for more than a decade.

The old phone is up for auction at LCG Auctions, which opens Thursday and ends February 19.

Green, a cosmetic tattoo artist, contacted LCG Auctions when she heard about a first-gen iPhone snapping up a similar number in October.

A first-generation iPhone sold for a whopping $39,339 late last year, which piqued Green’s interest.

LCG Auctions now has an influx of old iPhone owners looking for a small fortune.

“We got calls from everyone, but 99% of them didn’t have the same thing,” Mark Montero, founder of LCG Auctions, told Business Insider.

“But Karen had a really unique piece with a great story behind it.

“It was shocking because we got so many duds.”

LCG Auctions gave a price estimate of “$50,000 and up” over the phone.

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