Ferrari's LaFerrari earned the title as the most expensive car sold in recent memory when an auction for the last model was closed at a record setting $7 million. All the proceeds of the auction will be donated to relief operations to help survivors of the recent massive earthquake that rocked Central Italy.

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Central Italy was rocked by two major earthquakes in August and October; the last one that occurred on Oct. 30 was the strongest to hit the country in the last three decades.

According to Auto Week, the donation-slash-auction was conducted by RM Sotheby and the Italian National American Foundation's Earthquake Relief Fund. All the funds will be donated to relief and construction efforts.

Ferrari donated that last LaFerrari coupe for the cause. Only 500 LaFerraris were manufactured, and it seems like a fitting closure for the last model to be donated for a humanitarian cause. According to The Verge, this last model is painted in classic red with a white "dream line" on the car's hood and rear windshield. An Italian flag is also painted on front of the car.

The original price of Ferrari LaFerrari is about $1.5 million. However, the good cause behind the auction is what drove car collectors to shell out extra cash to it.

Since Ferrari only manufactured 500 LaFerraris, as more models are being sold out, the price of the car also rose. Experts believe that the car's exclusivity is what helped achieved such massive interest. Earlier this summer, a LaFerrari model is already hitting $5 million.

Tagsferrari, Auction, Italy, ferrari car, ferrari laferrari, LaFerrari, LaFerrari auction, LaFerrari price