Eddie Van Halen's Custom Ferrari 550 Expected to Fetch Big Bucks

Eddie Van Halen loved living life in the fast lane, and now you can too ... his custom Ferrari race car is going up for grabs soon, but ya gotta have deep pockets.

The iconic guitarist used to race his brother, Alex Van Halen, in his 2000 Ferrari 550. The 6-speed race car is decked out with custom racing seats and comes with the original registration in Eddie's name.

Eddie's old Ferrari is hitting the auction block at GottaHaveRockandRoll.com and it sounds like it's still in racing condition ... the auction house says the whip was recently serviced by a top Ferrari mechanic and Eddie always maintained and treated it with care. Plus, it's only got 28,000 miles.

The bidding starts Wednesday and runs through Dec. 4 and the Ferrari's expected to go for between $250,000 and $350,000.

There's a bunch of Van Halen memorabilia going up for sale in the same auction ... including a concert ticket, album sleeve and CD insert signed by Eddie, Alex, Michael Anthony and David Lee Roth, plus a guitar pick Eddie used on stage.

Eddie's Ferrari is the big-ticket ... so click through the gallery to check out his custom ride.