(ABC4) – The most expensive car in the world is not a brand new car with top-tier technology, but a coupe from 1955 that just sold at an auction for a record price on May 5.

The 300 SLR Uhlenhaut Coupe from the Mercedes-Benz Classic Collection was auctioned at $142 million to a private collector — making it the most valuable car of all time.

As one of two ultra-rare original 300 SLR Uhlenhaur Coupes, the car was auctioned off to fund a global scholarship program — the “Mercedes-Benz Fund.” The company says the program will provide educational and research scholarships in the areas of environmental science and decarbonization for young people.

The car was named after its creator and chief engineer, Rudolf Uhlenhaut, and it is considered to be “one of the finest examples of automotive engineering and design by automotive experts and enthusiasts worldwide.”

The auction was held at the Mercedes-Benz Museum along with renowned auctioneer RM Sotheby’s. The invitees were among selected Mercedes-Benz customers and international collectors of cars and art, who share the corporate values of Mercedes-Benz, a press release states.

The company, which announced the news on Thursday, said the 300 SLR Uhlenhaut Coupe sold at the auction was part of the non-public vehicle collection belonging to Mercedes-Benz Classic, comprising of more than 1,100 automobiles from the invention of the automobile in 1886 until today.