The car was from Schumacher’s championship winning season and has smashed his own personal record for the most lucrative classic car to be sold.

Juan Manuel Fangio’s Mercedes from  1954 remains the all-time record holder.

Schumacher’s latest Ferrari to be auctioned off was the F2003-GA which he drove to victory in five grands prix.

The chassis 229 was driven to land the legendary German his sixth F1 world championship.

The car also claimed five fastest laps in 2003.

This car was completely rebuilt this year ahead of auction and was shaken down by Mick Schumacher, Michael’s son and the Haas driver, at Fiorano.

Michael Schumacher won the 2003 championship by edging Kimi Raikkonen by two points.

Michael Schumacher now lives in Switzerland away from the public limelight after a skiing accident in 2013.