A 1954 Mercedes Benz Formula One racer just became the most expensive car ever sold at auction.
Bonham's, the auctioneer, confirms that it brought the hammer down on the Mercedes Benz W196R at $26.45 million—with the buyer's premium the total price is $29.6 million. That tops the previous record for the most expensive car sold at auction, a 1957 Ferrari 250 Testa Rossa Prototype, sold for $16.39 million at Gooding & Company's 2011 Pebble Beach Auction.
The sale, at the Goodwood Festival of Speed Auction in the U.K., shows that the collectible car boom is continuing to rage on —especially for rare cars with strong racing histories. The famous race car driver Juan Manuel Fangio drove the Mercedes W196 to victory in two Formula One races— the 1954 German and Swiss Grands Prix.
The single-seat racing car car also had a great history, with well-documented ownership over the past half-century and very few major changes or modifications to the car.