STORY UPDATE: Woody Guthri, who died in 1996, is being sold for $150 million to a private equity firm, according to the Los Angeles Times.
A family friend confirmed the news to the newspaper.
The Times said it had obtained a “pre-sales” agreement with the family’s representative and said it would make the sale public on Friday.
The newspaper said the purchase was first reported by a family friend.
The family has not commented.
The Guthrie estate has been in talks with private equity firms about selling the art, but the sale could still go through as long as it meets certain conditions, the Times reported.
“The Guthri family’s intent is to acquire and display this beautiful piece of history, a unique piece of art, which was once a private collection of some of the finest artists of its day,” the family said in a statement.
The sale of Guthrie artwork is likely to be the biggest of its kind in the United States, the newspaper said.
Guthrie died in California at age 61 in 1996 after a battle with pancreatic cancer.
The song “My Way” has been sung by tens of thousands of people, including former presidents Jimmy Carter and George H.W. Bush.
The artist also wrote the lyrics to “This Land Is Your Land” and “A Hard Rain’s A-Gonna Fall.”
The Guthri Estate has said it is “proud” to have Guthrie in its collection.