The Royal National Lifeboat Institution has been left two Ferraris in a will which are thought to be worth a total of £8m.

The two cars are to go on sale at an auction house at the Imperial War Museum in Duxford later this year, with the proceeds to go to the charity so that it can build a new lifeboat to be named after the donor, the late businessman Richard Colton, and his wife.

Although there has been no official estimate of the two cars, two similar vehicles recently sold for a total of £8m, which could mean the sum would be the most generous legacy ever accepted by the RNLI.

Colton, who passed away last month at the age of 82, was a supporter of the RNLI for many years, having admitted to being nervous of the sea himself.

Guy Rose, legacy manager at the RNLI, said: “We have been notified by the executors of Mr Colton’s will that he generously left the charity a legacy of two legendary Ferrari sports cars. We are deeply grateful and humbled by Mr Colton’s decision to benefit the RNLI in this way. Gifts in wills, be they large or small, are vital to the charity’s work saving lives at sea, they fund six out of every ten lifeboat launches.”

The two cars, a 1960 Ferrari 250 GT SWB and a 1967 Ferrari 275 GTB/4, will be sold in October by H&H Classics.