Chassis #211, the same F2001 that took the German to the fourth of his seven World Championships, was auctioned off at the Sotheby's Contemporary Art Evening Sale in Manhattan for the eye-watering price tag, a record for modern F1 machinery.

A portion of proceeds from the sale will be donated by the former owner to Michael Schumacher’s Keep Fighting Foundation.

The car is not only famous for being Schumacher's final Monaco winner, but also the car in which he won the 2001 Hungarian GP, the race that clinched him that fourth title.

He won nine races in total during the 2001 season, securing a second consecutive title for Ferrari with nearly twice as many points as McLaren driver David Coulthard, who finished the season in second.

Chassis #211 was sold as part of a $310.2m worth of auctions at the Sotheby's sale, with 96 per cent of lots finding a buyer.

Its $7m price tag is well over the $4m that it was expected to fetch.