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LaFerrari auction raises $7M for Italy earthquake reconstruction

The sale price represents the highest value of any 21st-century vehicle sold at auction.

A one-off LaFerrari has sold for a record $7 million USD at a RM Sotheby's charity auction in Daytona.

Ferrari decided to produce one more LaFerrari coupe to raise reconstruction funds for the Central Italy earthquakes. A magnitude 6.2 temblor struck in August, followed by several significant quakes in October measuring up to magnitude 6.5. Hundreds of people have been killed in the disasters.

"The earthquakes which have struck Central Italy this year devastated the lives of thousands of people, and the money raised by the sale of this LaFerrari could not be put to a better use," said RM Sotheby's chief Rob Myers. "The auction will be an historic event, and the generosity of Ferrari SpA will change lives in the areas most affected by the natural disaster."

The company has a tradition of building one less vehicle than the market demands, in this case limiting initial LaFerrari coupe production to just 499 units. The charity auction represents a unique 500th example, clad in a special exterior theme with an Italian flag and white lines.

Notably, the $7 million figure is nearly five times higher than the LaFerrari's $1.5 million original price. It exceeds the nameplate's previous high auction price by more than $1.8 million, setting a new record as the most valuable 21st-century automobile ever sold at auction.

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