Rare Michael Schumacher Ferrari which F1 icon ditched set for £7.7m auction sale

Michael Schumacher's former 220mph Formula One car is set to go under the hammer, with auctioneers predicting it could fetch a staggering £7.7million.

The iconic F1 legend was at the helm of this vehicle when he clinched victory at the 2002 Australian Grand Prix, a win that set him on course for his fifth world title later that season.

Not only did Schumacher drive this Ferrari F2001B to victory in Australia, but he also steered it to a third-place finish at the Malaysian Grand Prix just weeks later. Despite falling back to 21st place after an early pit stop, Schumacher managed to claw his way back to the podium.

Following the race in Malaysia, he ditched the car and switched to the Ferrari F2002 for the remainder of the season.

Now, the 3.0-litre V10 red Ferrari, which kickstarted Schumacher's 2002 World Championship-winning season, is up for sale by classic car auction house RM Sotheby's.

A spokesperson for RM Sotheby's commented: "Ever since the dawn of automobiles becoming collectible items, competition cars have comprised the most desirable tier due to their rarity and special aura achieved through victory on the track."

"For the past several decades Formula 1 has been the undisputed leader in top level motorsport and has evolved into a global household sport. Where legendary names such as [Ayrton] Senna, Schumacher, and [Lewis] Hamilton will undoubtedly be remembered and recited for generations to come."

"The groundbreaking technology developed from these high-performance marvels has fuelled hundreds if not thousands of supercars, which have also reached top-level collectable status.

"It is the F1 cars, however, produced in extremely limited numbers of no more than six to 12 chassis each year, that have the potential to become the true kings of the collector car market in the future.

"With only approximately 30 Michael Schumacher race-winning Ferraris in existence, a supply number very similar to the 250 GTO and 250 Testa Rossa production numbers of the 1950s and 1960s. These examples are among the most elite of all modern collector cars, with the population slimming down to just over a dozen examples if you are set on finding the very best from a World Championship-winning year."

"Further consider that the majority of these rarefied Ferraris are locked away in long-term collections; each example to come to market represents an opportunity that no astute, forward-looking collector can afford to ignore."

The auction for the legendary Ferrari is set to take place between 15 and 17 August in Monterey, California, with the guide price up to £7.7m. Last year, the same car went under the hammer for £6m.

The spokesperson added: "With a victory at the 2002 Australian Grand Prix and a further third place podium at Malaysia in 2002, this very car - chassis 215 helped propel Michael Schumacher to a then record-tying fifth World Championship - cementing the car's legacy among the very best of all competition Ferraris to leave Maranello."

Tragically, Schumacher has remained out of the public eye for over a decade following a catastrophic ski accident in 2013 that left him with a severe head injury.