The Silver Shadow was also owned by Hollywood star Burt Reynolds.
Bonhams auction officials said Thursday that the 1975 Rolls-Royce is expected to sell for more than $32,800 when it is auctioned along with other vintage automobiles on June 18.
The limo has red coachwork with gold details and a black leather interior requested by Margaret, who was the younger sister of Queen Elizabeth II.
Reynolds bought the car in 1984 and kept it at his Florida ranch.
The Associated Press contributed to this report.