The 1954 Mercedes-Benz W196R fetched $29.65 million Friday at the auction in southern England, said Bonhams, with the identity of the buyer not disclosed.
That figure beat the previous record -- a 1957 Ferrari was purchased in 2011 -- by about $13 million.
Argentina's Fangio used the car en route to winning the second of his five world titles. Soon after it was placed in a museum.
Fangio won a record 45 percent of the grand prix he entered and started nearly 60 percent of his races from pole position -- reigning Formula One king Sebastian Vettel doesn't come close to matching that.
He won the championship with four different teams -- the only man to achieve the feat -- and is also the oldest Formula One champion, claiming the title in 1957 at the age of 46.
photo credit: © 2013 CNN
edited text credit: © 2013 CNN
