Princess Diana 'Fairytale' Dress on Auction Block

If it was ever your dream to dress like a princess in a fairytale an opportunity to do so will present itself later today when one of Princess Diana's most iconic gowns will go up for auction.

The dress was created by David and Elizabeth Emanuel - the same designers behind her legendary wedding dress when she married Prince Charles in 1981. The Emanuel Bakst-inspired ball gown, from their 'Diaghilev' collection, will be sold by Kerry Taylor Auctions in London.

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"It is perhaps one of the most ornate, romantic of all her gowns," the auction house's website states. "The dress has a pretty, fairy-tale princess feel to it - with its opulent, shimmering gold panels, jewel-like rhinestones and pearl adornments. Importantly this is a dress that was not specially designed for the Princess but one she chose herself from an existing collection and one she chose to wear repeatedly."

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Diana wore the dress on many occasions including a performance at the Royal Opera House in 1986 and to the premiere of the James Bond film "The Living Daylights" in 1987.

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The gown comes with a matching headband, optional sleeve panels and petticoat. These accessories would allow Diana a different look while wearing the dress. For example, Diana would sometimes wear a tiara instead of the headband.

Dresses like this one helped catapult Diana to a global fashion icon and they have fetched for big money at auctions. The auction house expects it to sell for $50,000 to $130,000.

A black taffeta evening gown worn by Diana during her first official appearance sold for $276,000 in 2010.