A mint condition Ferrari F40 built in 1992 has established a new record after being sold for a whopping €1.12 million ($1.22M / £792,000).

It happened on August 8 at Coys auction at the 43rd AVD Oldtimer Grand Prix in Nurburgring, Germany where one of the last privately owned F40s went under the hammer for €1.12 million, establishing an all-time record for the last model signed off by company founder Enzo Ferrari.

It was originally acquired by an Italian family and is now in the possession of an unknown German buyer who will hopefully use it as Enzo wanted, not just treat it as an investment. It's one of the 1,311 units produced by Ferrari during the model's 1987 - 1996 production run before being replaced by the less popular F50.

At the same Coys auction, a 1937 BMW 328 Roadster was sold for €562,000 while a 2000 Ford GT grabbed €227,000. There was another Ferrari auctioned, a 360 Modena from 2003 which fetched €182,000 whereas a 1971 Lamborghini Espada SII set a new model record after being sold for €145,000.

Gallery: 1992 Ferrari F40 fetches a record €1.12 million at auction

Got a tip for us? Email: tips@motor1.com