CBS News reported on the record-breaking $29.6m sale:

The 1954 Mercedes-Benz W196 race car driven by Formula 1 legend Juan Manuel Fangio sold for $29.6 million. James Knight, motoring director of Bonhams auctioneers, which handled the deal, told Reuters that the sale set a “new world auction record price.”

According to Reuters, the $29.6 million sale easily surpassed the previous record for priciest automobile ever auctioned — a 1957 Ferrari 250 Testa Rossa, which sold for $16.39 million in 2011.

The single-seater Mercedes-Benz was driven by the five-time world champion racer when he clinched his second title in 1954. The Argentine drove the car to victories in the 1954 German and Swiss Grand Prix races.

1954 Mercedes sets auction record, fetches $29.6 million in U.K. (CBS News/AP)