World's oldest Rolls-Royce sells at auction

The fourth Rolls-Royce ever built went under the hammer today in London, selling for £3.5 million - the highest price ever paid for a veteran car.

The car is the oldest surviving example of the brand, built by Charles Stewart Rolls and Frederick Henry Royce in 1904 at their factory in Manchester.

Before the sale it was estimated the car would sell for around £1 million, but a flurry of bidding eventually saw the vehicle go for £3,521,500 - the largest sum ever paid for a veteran car (ie a car build before 1905).

"We've had very strong interest from across the world, generally from major collectors who already hold significant Rolls-Royce motorcars and this would be a trophy in any collection," said Stewart Skilbeck, senior motoring specialist at Bonhams, who conducted the sale.

"It's a very driveable car. It still tootles along beautifully and almost silently, as you'd expect a Rolls-Royce to do. It has a top speed of 40 miles per hour."

The Rolls-Royce was bought by a British collector, ensuring it will stay in the country.

It was first displayed at Olympia Motor Exhibition in 1905 - the same venue for today's sale.

The previous highest price paid for a Rolls was in August this year when a 1912 Silver Ghost sold for £1.5 million in California.