Michael Schumacher’s F2001 Ferrari, the formula one car with which he claimed his final Monaco Grand Prix victory, has become the most expensive modern Formula 1 car ever sold at auction, fetching approximately 109-million-rand.

The iconic car was on sale at the Sotheby’s Contemporary Art Evening Sale in Manhattan. It passed its initial pre-sale estimate of around 56-million to 70-million-rand after a big bidding war ensued.

Schumacher won nine races in the F2001 on his way to securing a fourth World Championship title. It was the first time a rare automobile was included in an art collection at Sotheby’s.

A portion of the money will be donated to Schumacher’s Keep Fighting Foundation.