The iconic Ferrari F40 has gone up for auction. Minimum bid? You better sit down.

The Ferrari F40—a symbol of pure automotive passion and Enzo Ferrari's final creation—has just gone up for auction in California. This rare 1990 example could be yours.

The automotive world held its breath as one of the most coveted cars in history appeared at an auction organized by Icon Servicing – a 1990 Rosso Corsa Ferrari F40 .

The legendary supercar will go under the hammer on August 12th as part of a California bankruptcy proceeding. The first bid, submitted by RM Sotheby's , set the starting price at $2.55 million . However, if patience isn't your strong suit, there's a "buy it now" option for a cool $5 million .

Rod Stewart's 1990 Ferrari F40, displayed at the Burbank Car Classic on July 26, 2014, in Burbank, California, United States, sample photo of the model

The F40 was born from Enzo Ferrari's dream of a car that would challenge the Porsche 959. The F40 debuted in 1987, on the marque's 40th anniversary, and became an instant icon. The F40 is one of the last supercars of the analog era—without power steering, electronics, or luxury features.

The result? Under the hood lies a 478-horsepower, twin-turbocharged V8 engine , paired with a five-speed manual gearbox. This allows the Ferrari to reach 100 km/h in 4 seconds and a top speed of 320 km/h.

Originally planned to produce just 400 units, huge demand resulted in 1,315 units rolling off the assembly line by 1996. This particular car is one of only 213 produced for the American market.

Icon Servicing is selling the F40 in a bankruptcy auction, meaning the winning bidder will pay their full price, with no additional auction fees. The current minimum bid is $2.55 million , with a $2.6 million increment.

The last Ferrari F40 sold on Bring A Trailer (a 1992 example) fetched $2.44 million .