LOUISVILLE, Ky. (AP) — The CEO, president and chairman of Central Bank has purchased the Kentucky State Fair’s Grand Champion Ham for $1 million.

The Courier Journal reports Luther Deaton’s winning bid is enough to buy several luxury cars, but doesn’t break the record of the most paid for a champion ham. Last year’s ham sold for $2.8 million and was paid for by Central Bank and Dr. Mark Lynn.

Deaton says the purchase is less about the ham and more about giving back to the community. The annual breakfast and auction by the Kentucky Farm Bureau has raised about $13 million for charity since it started in 1964.

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Blake Penn, of Penn’s Country Hams, produced the grand ham, which was presented at the auction by this year’s Miss Kentucky, Alex Francke.

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Information from: Courier Journal, http://www.courier-journal.com