Sports Car Supporting Rose-Hulman Fetches $2.39M

The hybrid is the only one of its kind.

The auction proceeds from a rare car will benefit Rose-Hulman Institute of Technology. The $2.39 million sale of a McLaren P1 Hypercar that was owned by an RHIT alumnus will endow a faculty chair at the Terre Haute school. The hybrid sports car is considered a pioneering machine.

The Alfred R. Schmidt Chair for Excellence in Teaching will be named after a former faculty member who taught for 46 years at the school. Rose-Hulman President Jim Conwell says "we’re delighted with the amount the car brought at auction and the unique way this donor has chosen to support his alma mater. The impact of this gift on teaching and learning cannot be overstated."

Florida-based Gooding & Co. President David Gooding says the final price is a world record for a McLaren P1. The donor, who wishes to remain anonymous, said "my original intent was to have a one-of-its-kind car designed and created so that it could bring a record price to support a unique higher education institution that values quality teaching and instruction, and has faculty that love to share that knowledge with peers and others. Almost as important as the car’s auction price, and the donation, is the notoriety that Rose-Hulman has received on a national stage in the weeks leading up to the sale. I want people to recognize Rose-Hulman for the great trailblazing institution that it is."

The 2015 McLaren P1 can reach speeds of 200 mph.