LaFerrari No. 500 sold for $7 million for charity

Published Dec. 9, 2016 1:26 p.m. ET

Samuel Reiman

We’re all familiar with stories about classic cars selling for millions of dollars but, as far as 21st-century cars go, even the sportiest of hypercars doesn’t have a history behind it to boost up its value with an extra zero or two.

However, the record for the most expensive modern-day car sold was broke last weekend when a special LaFerrari sold for $7 million at a charity auction in Daytona, Florida.

The previous record for a LaFerrari at an auction had been $5.2 million, which sold during Monterey Car Week in August.

While over 800 Ferraris were taking to the high banks of Daytona at the Ferrari Finali Mondiali, various events and exhibitions were also taking place in the paddock. In conjunction with RM Sotheby’s and in collaboration with the National Italian American Foundation’s Earthquake Relief Fund, LaFerrari No. 500 - the last LaFerrari - hit the block on Saturday.

Proceeds from the auction are going to benefit the victims of the August earthquakes in Italy. The V-12, 950-horsepower Ferrari had a small Italian flag on the hood, serving as a reminder that this was a gift by Ferrari for its home country, as well as a commemorative plaque.