Presented in Emerald Fire, the Jaguar has a Barley leather interior, and was designed by iconic car designer, Ian Callum.
The impressive vehicle comes with a sunroof, automatic transmission, electric windows, climate control and a Jaguar Heritage Trust Certificate.
Chris Evans, BBC presenter and organiser of CarFest, commented on the car, saying he was delighted that the car was being used for such a good event.
He said: “I’m so grateful CarFest is able to support Comic Relief and I’m thrilled that we are able to donate this very special historic car.
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“[We’re] so pleased to be able to share it with another enthusiast, especially for such an important cause.”
Although the late Queen Elizabeth II was seen behind the wheel of several cars during her long reign, her favourite seems to be the Land Rover Defender.
She had a particular liking for this model, but when that was unavailable, she had a backup car, a Jaguar X-Type Estate.
Samir Patel, CEO of Comic Relief, thanked the former Top Gear host for the act of kindness.
A standard version of the X-Type without royal connotations would generally sell for around £5,000.
Commenting on the sale, James Good of Historics Auctions, said it was a “wonderful and unrepeatable collectable to treasure”.
He added: “It is such an honour to bring to auction such an iconic piece of history – and a car that was evidently so much enjoyed by Her Majesty Queen Elizabeth II.”
The Queen was frequently seen driving the Jaguar around the royal grounds, often wearing sunglasses and a headscarf.
She was described as being “happy and healthy” when behind the wheel of the Jaguar.
Samir Patel continued, saying: “From homelessness to mental health problems to food poverty, the money raised will help people facing incredibly tough times in the UK and around the world. Huge thank you to everyone who enters.”
The Jaguar is just one of the prizes on offer for Red Nose Day, with others including tickets to the Eurovision final and two tickets to Take That at Hyde Park.
For information on how to enter the special draw, visit the Comic Relief website.