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Vintage racer sets $11M auction record

Published August 20, 2012
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A new record amount has just been paid for one of the most sought-after race cars ever, Carbuzz.com reports.

A 1968 GT40 Gulf/Mirage Lightweight (model number P/1074) was sold for $11 million (U.S.) at an auction at Pebble Beach over the weekend, a record for an American automobile sold at auction. The GT40 had its debut at Spa in 1967 where it finished first overall.

This was also the first win for any car wearing the powered blue and marigold Gulf livery. The following year the car was sent to England, where it underwent several changes due to new FIA regulations.

It was there that it was designated as P/1074 and was the first of three lightweight racing GT40′s built for the J.W.A./Gulf team. It continued to win on the racing circuit until 1970 when it was sold to David Brown from Tampa, Fla. Brown leased it to Hollywood icon Steve McQueen’s production company and was used as a mobile camera car for McQueen’s motorsport feature film, “Le Mans.”

Because McQueen wanted the cars filmed at speed, the camera car itself had to be extremely fast. However, P/1074′s roof was removed entirely for five months of camera work, which resulted in damage to the structural rigidity of the car.

After being sold a few more times, it was completely restored back to its original condition .

Its $11 million sale surpassed the previous record holder, a 1931 Duesenberg Model J Long-Wheelbase Coupe, which went for $10.34 million last year at Pebble Beach.

Watch a history of the famous racer below:

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