First Production 2014 Corvette Stingray Fetches $1.1 Million at Barrett-Jackson [w/Videos]

The first retail production model of the 2014 Chevrolet Corvette with the Vehicle Identification Number (VIN) ending in 0001 was pre-sold at the Barrett-Jackson Scottsdale collector car auction on Saturday night for $1.1 million, or more than 20 times the expected MSRP of the base model that will arrive in U.S. showrooms this fall.

The red-colored Corvette Stingray is not the actual production model but an auto-show demonstrator, as series manufacturing of the new sports car will begin at GM’s Bowling Green, Kentucky, plant later this year.

The winning bid came from NASCAR team owner and Corvette collector Richard Hendrick, with all proceeds from the sale to benefit the College for Creative Studies in Detroit, known for its automotive design program.

“The new Stingray features a modern, dramatic design that will inspire a new generation of Corvette enthusiasts,” said Ed Welburn, GM vice president of global design. “With the proceeds of the new Stingray going to the CCS, the new Corvette will also help cultivate the next generation of designers who may work on modern, dramatic Chevrolets in the future. In fact more than 170 CCS alumni already work in the GM Design studios.”

Hendrick was on a buying spree at Barrett-Jackson as the businessman also snagged General Motors’ CEO Dan Akerson’s 1958 Corvette, with proceeds of this sale going to Habitat for Humanity’s initiative to improve Detroit’s Morningside Commons neighborhood.

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