Rare Michael Schumacher Ferrari which F1 icon ditched set for racing in....

The Ferrari F2001B, which was driven by Michael Schumacher when he won the 2002 Australian Grand Prix, is set to be sold at auction for an eye-watering price.

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.

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.”