Jul 12, 2013, 3:45 PM EDT
A Mercedes Formula One car driven by five-time world champion Juan Manuel Fangio has sold for over $29m at an auction in the UK today as part of a motorsport festival.
The Goodwood Festival of Speed regularly attracts huge crowds in the wake of the British Grand Prix as classic cars from Formula One and endurance racing are paraded and compete in the infamous hill-climb event. This year, as part of the annual auction, Fangio’s car was up for sale with the estimated price set at around $8m.
However, the car in which Fangio claimed the 1954 world championship eventually sold for three times that figure, with the lucky (and wealthy) buyer handing over £19.6m – around $29.6m.
It is the biggest amount paid for a classic racing car, dwarfing the $16m paid for a 1957 Ferrari 250 Testa Rossa two years ago.
The car was on show at Silverstone last month as Sir Stirling Moss (Fangio’s teammate) and current Mercedes driver Lewis Hamilton posed for pictures and compared their vehicles, leaving Hamilton in some shock when Moss explained that his car was not fitted with seatbelts.