Rare 1998 McLaren F1 Supercar to Reach Monterey Auction Block This Summer

Jun 04, 2015 12:32 PM EDT | Matt Mercuro

If you have about 12 million laying around and you're not sure what to do with it here's one option to consider: a rare 1998 orange McLaren F1 LM-Specification.

Once called the fastest production car ever built, the orange speed demon will be sold at auction this summer as part of RM Sotheby's collection of 20-post World War II cars, according to Reuters.

The rare cars are expected to sell for a whopping total of $65 million during the big auction on Aug. 13 at California's Monterey 2015 Classic Car Auctions.

RM Auctions Managing Director Ian Kelleher said the McLaren F1 could go for $12 million alone, which would set a new McLaren F1 auction record. Currently, a 1997 variant holds the title after selling for $8.5 million at Gooding two years ago, according to Bloomberg.

"Last year we sold approximately $144 million of cars at Monterey, which is the single largest total for any collector car auction to date. This year we expect to eclipse that," Kelleher said to Reuters.

McLaren only made 64 street-legal F1 vehicles, and current owners of the rare ride include former late-night host Jay Leno and fashion icon Ralph Lauren.

Specs that interested millionaires should know about include three snug seats in the front, butterfly doors, a twelve-cylinder engine producing 680 horses and a top speed of 240 mph.

We haven't been able to confirm who the collector is yet though we do know the collection spans from 1950s and 1960s Ferraris and Porsches to a 1993 Jaguar XJ220. A 2005 Ferrari Enzo once gifted to the late Pope John Paul II by former Ferrari Chairman Luca Cordero di Montezemolo will also be sold off, according to Sotheby's.

The McLaren is currently on display now at Sotheby's New York headquarters in Manhattan. 

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