A new vehicle is set to be named "the world's most expensive car," when it goes on auction.

The epitome of the classic, luxury automobile is going on the market, and is expected to fetch a record-setting price.  When the 1934 Rolls Royce Phantom II 40/50 HP Continental was first commissioned by Thakorsaheb Dharmendrasinhji, the then-Maharaja of Rajkot, it was named after the Star of India, a 563 carat Star Sapphire.

Built with a polished aluminum hood and wing panels, the Star of India is expected to fetch a mind-boggling £8 million.  That price is 10 per cent higher than the current most-expensive car, a 1957 Ferrari Testarossa that sold at auction earlier in 2009 for £7.2 million.

The 7.7-liter V8-engined car is currently owned by German collector Hans-Gunther Zach, and is part of a vast collection of Bentleys and Rolls-Royce machines.  It is a truly one-of-a-kind vehicle, in that it is painted in a saffron tone, has 14 headlights at the front (including adaptive lights that work with the wheel), as well as the all-weather Torpedo Convertible top, custom made by Thrupp and Maberly.

Gallery: Rolls Royce Phantom II “Star of India” for sale for 8 million pounds