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Formula One racer sold for $29M

July 13, 2013 at 2:51 PM

LONDON, July 13 (UPI) -- A 1954 Mercedes-Benz Formula One car sold for $29.6 million in England, becoming the most expensive car ever sold at auction, Bonham's auction house said.

The car was sold Friday at the Goodwood Festival of Speed Auction in Chichester, CNBC reported.

Bonham's said the winning bid was $26.45 million, but with the buyer's premium the total price was $29.6 million.

The previous record for the most expensive car sold at auction was a 1957 Ferrari 250 Testa Rossa Prototype, which went for $16.39 million at Gooding & Company's 2011 Pebble Beach Auction.

The Mercedes, which raced in five World Championship-qualifying Grand Prix races, was retired in 1955.

It has been displayed in museums in Germany and France.

Jonathan Klinger of Hagerty, the collectible-car insurance firm, said the car is very special.

"It's not like another one will come down the road for sale," he said.

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