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Article updated: 7/12/2013 1:32 PM

Fangio's F1 Mercedes fetches $29.6 million at auction

By

LONDON -- A classic Mercedes-Benz race car driven by Formula 1 legend Juan Manuel Fangio sold for 19.6 million pounds ($29.6 million) at auction in England on Friday.

The 1954 Mercedes-Benz W196 single-seater was driven by the five-time world champion racer when he clinched his second title in 1954. The Argentine drove the car to victories in the 1954 German and Swiss Grand Prix races.

Robert Brooks, chairman of Bonhams auctioneers, which handled the deal, called the car the most important historic Grand Prix racing car ever offered for sale.

The auction house said the steel-colored car is in a "remarkably unspoiled" condition and that its parts are believed to be complete and workable after proper preparation.

It was sold to a private buyer over the telephone at a classic cars auction in southern England's Goodwood. The price included the buyer's premium.

A 1965 Ferrari 330GT, first owned by John Lennon, fetched $543,887 at the same auction.

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