A MASSIVE Banksy mural that was labelled an eyesore and covered by arts officials could send the price of a derelict Liverpool pub towards the £1m mark.

Banksy’s Rat is daubed on The Whitehouse pub, on the corner of Berry Street and Duke Street, which is on the market for £495,000, but experts reckon it could be worth much more because of its artistic connections.

Bristol-born Banksy daubed the 30ft machine gun-toting rat on the listed building in 2004 during the Biennial festival and, although the art event did not commission the work, it was widely incorporated into the celebrations.

Earlier this year, the bottom half of the mural was covered up because the Grade II premises had fallen into disrepair. Campaigners were outraged and the hoardings were promptly dismantled.

But now urban art specialist Amber Tan said the pub, land and adjoining Copperworks would easily fetch £1m at auction.

In April 2007, a new record price was set for a Bansky piece when Space Girl and Bird reached £288,000 at London auction house Bonhams.

Banksy has since gone on to be named Art’s Greatest Living Briton.