Schumacher's title-winning 2003 Ferrari fetches record $13 million at auction

The Ferrari in which Formula One legend Michael Schumacher won the 2003 World Championship sold for more than $13 million at auction in Geneva on Wednesday.

"This remarkable car has achieved a world record price for a modern-era Formula One," the Sotheby's auctioneer said after the F2003-GA, Chassis 229 was sold for 13 million Swiss francs ($13.2 million) to a telephone bidder.

The price far outstripped expectations with the car estimated pre-sale to fetch between 7.5 and 9.5 million Swiss francs.