LOS ANGELES (AP) — A rare 1967 Ferrari owned by a North Carolina orphan-turned-millionaire has been sold at auction for $27.5 million.

The red Ferrari was one of 10 ever built, and its single-family ownership increased interest at the sale.

The Los Angeles Times reports (http://lat.ms/1bJDZKB ) the owner, the late Eddie Smith, was a former mayor of Lexington, N. C. He died in 2007 at age 88. Since then, the car has been stored in a specially built garage.

Eddie Smith Jr. says in keeping with his father's philanthropy, the family is giving all proceeds to various charities.

The car is a Ferrari 275 GTB/4(asterisk)S N. A. R. T. Spider. N. A. R. T. stands for North American Racing Team, a Ferrari-backed venture created to promote the brand in the U. S.

The sale was handled by RM Auctions in Monterey.

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Information from: Los Angeles Times, http://www.latimes.com

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