Hubert Zajaczkowski's silver Seat Toledo was seen bobbing along a road near Muchelney after he abandoned it on Christmas Eve because of the rising water.
The five-door saloon was swamped by water and was filmed and photographed by the world's media as they descended on the village.
The silver Seat has already attracted dozens of bidsIt was even commented on by the Prince of Wales and Prime Minister David Cameron.
Mr Zajaczkowski admits the car, which has clocked up 110,000 non-nautical miles, is "not in working condition".
It is missing most of its windows and its dirty paintwork and interior would be a match for any valet - although it does come with a CD player.
Proceeds from the auction, which has already attracted nearly 50 bids, will go to an organisation set up to help victims of flooding.
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