Ferrari chairman Luca di Montezemolo's personal red 599 GTB Fiorano is being auctioned right now on Ferrari's website. The top bid currently stands at €190,000. Proceeds go to a charity supporting technological innovation.

Ferrari chairman Luca di Montezemolo is offering his own personal car for sale on Ferrari's online auction. It is for the first time that Ferrari sanctions an online auction in this way. The car, a red Rosso Monza 599 GTB Fiorano has done 5,776km and is being sold so that proceeds from the sale are given as sponsorship to young researchers who are working on technological innovation projects.

The company says it has always been a champion for scientific research and that this auction is just another way to show this. Customers are invited to place their bids at Ferrari's new website. Di Montezemolo has even signed the 599 for that winning bidder. At last check the highest bid stood at €190,000 (US$265 500).

Nothing has been changed in the car's engine. It has a 6.0-litre V12, F1-style sequential gearbox and comes fitted with carbon ceramic brakes, 20-inch wheels and Bridgestone runflats. The chairman also had his car installed with sat nav, a few carbon fiber inserts, a charcoal leather interior trim and an iPod. Ferrari did not say whether the iPod will be delivered with the chairman's music still in it or not.

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Gallery: Luca di Montezemolo's Ferrari 599 GTB Fiorano up for Auction