The Rocky star claims the custom-built 1950 Mercury, which featured in his movie Cobra, was driven away from a storage garage in 1994 and Stallone never saw the car again – until recently.
Ironically, the Cobra car is now in the possession of a collector who rents out vehicles for movies.
In legal papers, filed in Los Angeles, Stallone claims he asked the car’s current owner to hand over the keys – but he has refused.
In the suit, obtained by TMZ.com, the actor/director claims he came across his stolen car while looking at vehicles up for auction on the internet. He claims the one-off vehicle is worth more than $250,000 (£156,250).
As well as the return of the car, Stallone is demanding $3 million (£1.9 million) because the car company’s website allegedly used his name and image to promote the auction without proper permission.