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Hot Wheels coats toy car in diamonds

Singer Nick Lachey poses with the new custom jeweled diamond encrusted Hot Wheels car designed by Jason of Beverly Hills to commemorate the production of the four billionth Hot Wheels vehicle and the 40th anniversary of Hot Wheels cars at the Mattel Showroom in New York on February 15, 2008. (UPI Photo/Laura Cavanaugh)
Singer Nick Lachey poses with the new custom jeweled diamond encrusted Hot Wheels car designed by Jason of Beverly Hills to commemorate the production of the four billionth Hot Wheels vehicle and the 40th anniversary of Hot Wheels cars at the Mattel Showroom in New York on February 15, 2008. (UPI Photo/Laura Cavanaugh) | License Photo

NEW YORK, Feb. 22 (UPI) -- Toy car manufacturer Hot Wheels has unveiled a diamond-encrusted model automobile in New York to mark the company's 40th year.

Hot Wheels, based in El Segundo, Calif., said at the 105th American International Toy Fair the toy car, which renowned jeweler Jason coated with $140,000 worth of diamonds, was also created to mark the production of the company's 4 billionth toy vehicle.

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"Collaborating with Mattel on the jeweled Hot Wheels car was a dream project for me," said Jason Arasheben, president and chief executive of Jason of Beverly Hills, Calif. "The car is truly spectacular and will be a brilliant addition to anyone's collection."

The car, which was unveiled by recording artist Nick Lachey, will be auctioned off later this year to benefit Big Brothers Big Sisters, a charity chosen by the singer.

"Since its introduction, Hot Wheels has revolutionized boys' toys and inspired automotive trends," said Tim Kilpin, general manager and senior vice president of Boys and Entertainment for Mattel Brands. "The historic activities we have planned are a fitting tribute to the brand's heritage and will allow us, and our fans, to celebrate this milestone year in true Hot Wheels style."

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