The debauched track of Price's 1973 hit Just Because dates to the period when Lennon separated from Yoko Ono during a period he later referred to as his "Lost Weekend".
The tape, which has never before been heard by the public, begins with Lennon slurring: "I wanna take all them new singers, Carol and the other one with the nipples, I wanna take 'em and hold 'em tight, all them people that James Taylor had... I wanna suck your nipples, baby!Q
The backing band slows down and speeds up to keep pace with the rocker, who later murmurs, "Just a little cocaine will set me right," before the session is called to a close.
Lennon later re-recorded the song and released it on his 1975 album, Rock 'n' Roll.
The six-minute outtake, recorded in Los Angeles, is expected to fetch up to $40,000 (GBP26,670).
Source: WENN