A controverial Fender Stratocaster guitar owned by the late Jimi Hendrix is up for sale again.

The same guitar was pulled off auction site eBay in 2001, after Experience Hendrix LLC claimed the guitar was stolen shortly after Hendrix's death in 1970, or that it never belonged to him at all.

After two lengthy court trials and appeals, the estate settled with owners Rock Stars Guitars this year, making it possible for them to sell it again. As the story goes, Hendrix gave the guitar to roadie James "Tappy" Wright as a gift around 1968. Rock Stars Guitars owners, Greg Dorsett of San Diego and David Brewis of England, say they bought it from Wright in 1999 for $60 000.

The duo are now asking $500 000 for it.

According to Nightwatcher's House Of Rock, "the vintage 1967 electric guitar is a right-handed one that was converted to left-handed to accommodate Hendrix".