Ferrari F40 sells for record price at auction

The purchase was made at Coys auction at the 43rd AVD Oldtimer Grand Prix at Nürburgring, alongside other notable results including a 1937 BMW 328 Roadster selling for €562,000 (£397,188) and another record breaking price of €145,000 (£102,477) for a 1971 Lamborghini Espada SII.

Chris Routledge, Managing Partner at Coys, said: "The record Ferrari F40 is a remarkable achievement which we are really happy with, proving once again that Coys is one of the leading auction houses in Germany and Europe.

"This is one of the last privately owned, one owner from new F40s in the world and we were entrusted with its sale by the Italian family who bought it.

"For such an important car to come to the market, it created interest from around the world and was in the end sold to a delighted German buyer, followed by a round of applause in the auction room."

The F40 had received special treatment before moving on to a different owner, having been kept stored in a climate controlled garage all its life.

Having not been driven since 2010, the 478hp car has clocked only 4,897 miles on the odometer - that's £162 per mile.

The bidding continues for Coys, with a pre-1974 Porsche sale at the Porsche Classics at the Castle at the Hedingham Castle taking place on 6 September, followed by an international auction at the Frankfurt Motorshow on 26 September.