Michael Schumacher’s Ferrari F2001 has been sold at an auction for $7.5m (N2.8billion). He used the same car to win nine races in the 2001 Formula One World Championship with 123 points. This is nearly twice the points of his closest rival McLaren’s David Coulthard.

It is said to be the most expensive modern Formula One racing car ever sold at an auction. The winning bid was $7.5million which exceeds the pre-bid estimate of $4million – $5.5million. The selling price also beat the previous record set by the modern F1 car – Ferrari F2004 which was sold for $3.2million.