Michael Schumacher’s old Ferrari on the market for £350,000

Michael Schumacher’s 1996 Ferrari 550 Maranello, signed by the legend himself, is up for auction at £350,000. This rare car boasts a 5.5L V12 engine and low mileage.

A Ferrari owned by Formula One legend Michael Schumacher has hit the market for £350,000.

The 1996 550 Maranello has even been signed by the ex-race ace.

It was presented to the German driver at a racing day event in June 1996.

The event was hosted at the Nürburgring circuit in Germany, where the cars were to be tested.

Schumacher was accompanied by Eddy Irvine with 10 models presented to the pair to be tested, including the 550 Maranello on sale.

The 55-year-old driver was impressed with the performance of the car that was equipped with a 5.5 litre V12 engine.

The Ferrari boasts a hair-raising 485 bhp and can go from 0-60 miles per hour in just 4.4 seconds.

Falling in love with the car, Schumacher, who suffered a horrific skiing accident in 2013, owned the vehicle for seven years before selling it in 2003.

The glove box of the car is also signed by the seven-time world champion, as reported by Luxury Auto News.

The motor currently has over 6,000 miles on the clock and is one of only 3,083 examples ever made.

The 1996 Ferrari 550 Maranello is now heading under the hammer for an estimated £350,000, hosted by auctioneers Artcurial in Saint Tropez, France.

The auctioneers wrote: “Only 3,083 examples of the 550 Maranello were built.

“Which is a very low production figure for its time, and this one obviously stands out from the rest with its exceptional history, extremely low mileage and very elegant colour combination.