UP to £500,000 is hoped to be raised for a charity dedicated to young people in Scotland with the auction of a rare bottle of single malt.

Scotch whisky giant Diageo has donated a 50-year-old single malt from Brora Distillery to The Distillers One of One charity auction, which will take place at Hopetoun House in Edinburgh on October 5, in partnership with Sotheby’s.

It is anticipated that Brora Iris, the oldest Brora single malt which has ever been bottled, will fetch between £250,000 and £500,000.

The whisky is presented in a 1.5-litre decanter representing a wildcat’s iris and suspended within a stone sculpture, hewn from the same limestone which as used to build Brora Distillery, designed by Scotland-based sculptor and artist Michelle De Bruin.

The sculpture is crowned by a bronze wildcat figure which acts as a key to the decanter, cast by leading UK animalier sculptor Jonathan Knight.

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The spirit itself is drawn from a tiny capsule of Brora’s distilling past distilled in 1972. It is described by master blender Craig Wilson as a “style that has come to define the Brora iconic status”. Renowned whisky writer Charles Maclean said on tasting the liquid: “The aroma opens a door to the past and reveals Brora: perfectly presented, alive today and correct in every detail.”

Brora Distillery in Sutherland was founded in 1819 and was said to have won early acclaim for the quality of its spirit. The distillery was mothballed in 1983, after which it gained a reputation as one of the “lost icons of the whisky world”. It was re-opened by Diageo two years ago as part of a £35 million project which will also see the company revive the famed Port Ellen distillery on Islay this year.

The eventual owner of Brora Iris will be invited to explore the reawakened distillery with five guests and guided by host Andrew Flatt through a tasting experience.

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Jonny Fowle, head of whisky at Sotheby’s, said: “It is with great pleasure that we are able to introduce Brora Iris. Few distilleries in the world conjure such majesty and awe as Brora and the opportunity that this one-off art piece and incredible whisky presents puts this item as one of the top lots within the auction. Having tasted it myself, I can say that this is a truly exceptional Brora.”

Now in its second year, The Distillers One of One Charity Auction is a biennial series of auctions led by The Distillers’ Charity, the philanthropic arm of The Worshipful Company of Distillers. This year’s proceeds will be donated to the Distillers’ Charity, principally to the Youth Action Fund, dedicated to transforming the lives of young people in Scotland.

Diageo chairman Javier Ferrán said: “We are delighted to be able to support The Distiller’s Charity with the donation of Brora Iris to the upcoming Distillers One of One auction. We look forward to seeing the industry’s contribution benefit the young people and communities that the charity supports across the length and breadth of Scotland.”