The auction will be held December 4-5, 2015 at Julien's Auctions in Beverly Hills.

According to the Associated Press, the collection was specially curated by Ringo and his wife Barbara. The 75-years-old drummer says:

"We have so much stuff and a lot of it we haven't seen in 20 to 30 years. It started with me looking at storage units we have all around the world it seems.... We found we had so much stuff. (...) We're fed up with having the stuff in storage when it could be put to some good use and also give a lot of people joy."

Among the 800 items to be listed in the auction, Ringo will be selling his iconic 1963 Ludwig Oyster Black pearl three-piece drum set. The kit was used to record some of the Beatles' most legendary songs, like Can't Buy Me Love and I Want to Hold Your Hand. The kit will go for an estimated $300,000-$500,000 when it hits the auction block.

Ringo states he is also putting in one of four first pressings (one for each Beatle) of 'The White Album No. 1' which he had in a bank vault for the last 35 years.

Auctioneer Darren Julien anticipates the sale could top $5 million-$10 million:

"It's really a once-in-a-lifetime opportunity. Ringo will never do this again. They are the only items he's letting go."

A portion of the proceeds will go to Starr and Bach's Lotus Children Foundation, which focuses on global social welfare issues.