Schumacher's Ferrari F2003-GA was sold for PHP 862M

Another Formula One record has been named after Michael Schumacher. Well.... sort of.

Back in October, RM Sotheby's, one of the world's leading auction houses for collector cars, announced a fully functional and recently overhauled Ferrari F2003-GA was going for sale, one that was driven by Schumacher himself to his sixth F1 title.

Now that Sotheby's Luxury Week is over, the auction house has reported that the F2003-GA sold for USD 14,873,327, or a whopping PHP 862 million in today's exchange rates.

This makes the F2003-GA go from world champion to world record holder, as according to the auction house, it is now the most valuable modern F1 car in history, beating the record previously set by the Ferrari F2002 which was also driven by Schumacher to one of his seven Formula One titles.

If you're curious about the most valuable F1 car in history, that distinction belongs to the 1954 Mercedes-Benz W196R, the title-winning car that was driven by Juan Manuel Fangio. It sold for USD 29,650,095 or PHP 1.7-billion.

Usually, we only see these kinds of figures when we're talking about our country's national budgets. But apparently, there are indeed people in the world who can shell out these enormous amounts for a museum piece. And in the F2003-GA's case, it's a perfectly running example. Michael's son Mick Schumacher just had a go at it in Fiorano before it went under the hammer.