The seven-time German champion, who retired in 2012, has been in a medically-induced coma since his horrific skiing accident off-piste in the French Alpine resort of Meribel just before New Year while on holiday.
According to the Mirror, the 1998 Ferrari F300, which was used by Schumacher for 38 races throughout the season 16 years ago, was sold at the Barrett-Jackson auction held in Arizona, US.
The auctioneers released a statement, saying that the car, which was accompanied by its Classic certificate and Ferrari documents, has been fully restored by Ferrari and is eligible for a number of historic events.
The statement further said that the 1998 F300 Chassis 183 was an integral part in re-establishing Ferrari's dominance in F1 racing. (ANI )