An iconic Mercedes W196 race car, which helped propel Juan Manuel Fangio to the 1954 Formula One World Championship, has been rediscovered after being 'lost' for decades.

An iconic Mercedes W196 race car, which helped propel Juan Manuel Fangio to the 1954 Formula One World Championship, has been rediscovered after being 'lost' for decades.

The details are a little hazy, but the car was apparently owned by a mysterious European who kept it locked away in a warehouse for almost 20 years.

Described as "one of the most significant motor cars of the 20th century," the W196 features a 2.5-liter straight-eight engine as well as several key innovations including an independent suspension and a tubular space frame.

The car is reportedly in rough shape but it will be auctioned off at Bonhams' annual Goodwood Festival of Speed sale where it is expected to fetch more than £5 ($7.6 / €5.8) million.

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Fangio's iconic Mercedes race car found in warehouse - headed for auction