If you have this Harry Potter book you could be sitting on thousands of dollars

ALERT: If you have this Harry Potter book you could be sitting on THOUSANDS of dollars

Time to check your library! - by Shahbaz M

If you are a massive Harry Potter fan you might want to dig through your old book collection as they could now be worth thousands.

An old hardcover copy of Harry Potter and the Philosopher’s Stone is set to go on sale for the price of $50,000 (around 30,000 Euros) in a London auction.

WATCH: If you own THIS Harry Potter book you could receive thousands of dollars

There are only 500 copies of the first edition in the WHOLE world which was originally published in 1997.

The lucky owner of the prized old copy (which comes complete with typos) found it in the back of their cupboard after purchasing it for just $1.80 over 20 years ago.

Speaking to LADBible, the 54-year-old Stafford office worker shared “I thought nothing of it at the time. I read the book, in fact I’ve read all the Harry Potter series, and then put it away in a cupboard for years. It’s so exciting to think that a holiday read could be worth so much now. It might raise more than enough money to buy a nice new bathroom.”

Hansons Auctioneers expert on rare books, Jim Spencer called the special version of the first instalment in the iconic fantasy saga the "the holy grail of Harry Potter books."

The rare copy will be auctioned in London on July 31st, which just so happens to be both J.K Rowling and Harry Potter's birthday!

Do you own this bad boy? Let us know on Facebook.

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Shahbaz M

Shahbaz is the Digital Content Editor for Entertainment. He is shamelessly addicted to pop music (most notably Ariana Grande), teen dramas and a lover of all things pop culture.