World's first Porsche fails to sell at an auction

According to a media report, a Porsche Type 64, which is said to be the first car with a Porsche badge, has failed to sell at an auction.

The report suggests that the car was not sold due to an error in the auction. Bidding started at US$ 13 million, but the screen showed US$ 30 million. The bids went up to US$ 17 million, but the screen showed US$ 70 million. The auctioneer then realised the mistake and sale of the car was stopped. The auction house was expecting US$ 20 million for the car. If the car had been sold for US$ 17 million, it would have become the most expensive Porsche in the world.

The car was designed by Ferdinand Porsche and three cars were said to be built around the time World War 2 started. However, only 1 car remains today. It was built using lightweight alloys to take part in the 1939 Berlin-Rome race that was scrapped due to the onset of the war. It is powered by a Volkswagen four-cylinder, air-cooled engine producing 39 BHP and has a top speed of 145 km/h. It is said that Ferdinand Porsche's son, Ferry, applied the Porsche badge to the car.

Source: CNN, New York Times