That price-tag makes it the fourth most expensive F1 car of all time to be auctioned - behind two other Ferraris that belonged to Schumacher, and a vintage Mercedes.

This latest sale was the Ferrari F300, complete with a 3.0-litre V10-engined and 800bhp, and was sold by Sotheby’s in Monterey at the weekend.

The chassis number 187 is the only F1 car ever to maintain a 100 percent winning record after at least three races.

Schumacher won all four of his races in this version of the F300 during the 1998 season - although he was beaten to the title by Mika Hakkinen.