Schumacher F1 Car Fetches $7.5 Million

A Ferrari Formula One race car driven by racing legend Michael Schumacher was sold at an auction last weekend in New York for $7.5 million, a record for a modern-era F1 car.

Schumacher drove the F2001 car in three races—including victories in Monaco and at the Hungaroring—during his 2001 championship season. The famed German driver won a record seven F1 championships.

Eight bidders pushed the selling price well past pre-auction estimates for the car of $4 million to $5.5 million. The previous record for a modern F1 car was Schumacher's F2004 racer that gaveled for $3.2 million in 2005.

The F2001 Ferrari is powered by a 3.0-liter V-10 engine that can generate nearly 900 hp. The engine redlines at more than 18,000 rpm.

Described as “usable art,” the car is said to be in full working condition. As part of Ferrari’s Corse Clienti program, the new owner will be able to drive it on race tracks around the world and be tutored by Ferrari’s own F1 technicians and test drivers.