1994 McLaren F1 auctioned for a record-breaking $19.8 million

A 1994 McLaren F1 with LM-specifications — a suite of upgrades based on McLaren's racing cars — sold for $19.8 million on Saturday at the Monterey Car Auctions with RM Sotheby's.

Another McLaren F1 — the only other one also modified by McLaren post-production to meet LM-specifications — was also auctioned with RM Sotheby's in 2015. It went for $13.75 million.

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Monterey Car Week is a time for the wealthy and their wheels, and this year's auctions was no exception.

A 1994 McLaren F1, which was estimated to auction between $21 million to $23 million, was the highest-priced car to be auctioned this year. It ended up auctioning for $19.8 million, making it both the most expensive McLaren ever sold at an auction, according to The Drive, and the most expensive car sold this year at auction.

It is one of only two F1s that were modified post-production to LM specifications, which included a series of upgrades based on the 24 Hours of Le Mans-winning McLaren race car. The second one, a 1998 model, was auctioned in 2015 and went for $13.75 million.

Last year's most expensive car at the Monterey auctions was a 1962 Ferrari GTO 250 that went for a record-breaking $48.4 million dollars.

Only 64 of the 106 McLaren F1s built were road cars, according to RM Sotheby's, the auction house in charge of the supercar. This specific build, however, includes a GTR-racing engine that gives the car its 680-horsepower, according to Robb Report. Its also what gave McLaren its multiple race wins, including the 1995 24 Hours of Le Mans.

Take a closer look at the most expensive car auctioned off at Monterey this year.