A 1967 Ferrari once owned by the former mayor was sold at auction this weekend for a record $27.5 million.

Eddie Smith, the vehicle's owner, was the mayor of Lexington, N.C. and died in 2007 at the age of 88. Since his death, the Ferrari has been stored in a custom-built garage.

"This is a bittersweet moment for us," Eddie Smith Jr. said before bidding began according to the Associated Press. "Ferraris came and went, but this one never went, thank God. We enjoyed it as a family for 45 years."

The red 275 GTB/ 4*s NART Spider was one of only 10 built according to the Los Angeles Times.

The identity of the winning bidder has yet to be revealed as of press time. The vehicle was expected to sell for approximately $14 to $17 million.

"Dad wouldn't want the car to be shut away, he would want it to be enjoyed," said Smith Jr. at the event. "Even when the value reached went over a million dollars, he would still drive it."

The Smith family decided before the auction to donate all proceeds to charity.

Smith Sr. was Mayor from 1970 to 1975, and became wealthy from a mail order company he started. He owned a number of different Ferraris over the course of his life, but the Spider was his favorite.

 "Drive it, love it, enjoy it, and more importantly share it with others so they can see it," said Smith Jr.

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