The world's most expensive car was auctioned in 1987 for 5.5 million pounds. The 1930 Bugatti Type 41 Royale was one of only six made. On Friday, a beautiful red Mercedes-Benz built in 1929 sold for 4.18 million pounds ($7.42 million).

The two-seater sports car was sold by phone to an anonymous European buyer at an auction in Goodwood England. 1,000 people were in attendance at the open-air Bonhams sale.

It was one of several cars owned by George Milligen, a private collector who died this year at age 94, after amassing a collection of nearly fifty vintage cars. He also collected steam locomotives and fire engines on his farm in Norfork.

The vintage car sold on Friday was kept for years in one of Milligen's farm buildings.

Milligen bought it for a few hundred pounds in 1941, at the height of World War II, when almost no one in Britain would buy a German car.

The Mercedes-Benz 38/250 SKK, powered by a 7.1-litre engine, was one of only 36 ever made. In 1929, the SKK model was hailed as the fastest racing car in the world. 1929 was the year the stock market crashed. It was also the year that the Graf Zeppelin circled the world in 448 hours.

Prior to Friday's auction, there was hope and anticipation that this rare machine would fetch over 2 million pounds.

Milligan, who died a bachelor, was educated at Harrow and Cambridge. He maintained detailed files on all of the vehicles and machines in his collection and restored many of them.

"This is one of only a handful which have survived and it is in the most wonderful condition," said Robert Brooks, the chairman of Bonhams, who knew Mr Milligen.

Here's to healthy, adventuresome, soulful, red sports car living at it's best!

~ Jennifer King

P.S. Just as I was about to post this story, my six year-old looked over my shoulder and said, "Look mommy, it's the Chitty Chitty Bang Bang car!"