McLaren F1 racing car tipped to fetch more than £4 MILLION at auction McLaren F1 GTR Longtail could become one of the most expensive British cars in history if it is sold at Gooding & Company's auction in Arizona The 1997 model is the racing version of the iconic F1 supercar and has a top speed of 240mph despite being built for its acceleration Car took the chequered flag at Hockenheim and Helsinki in the 1997 FIA GT Championship A race-winning McLaren F1 car that many motor fans would love to get their hands on, is expected to fetch more than £4million at auction. The McLaren F1 GTR Longtail could become one of the most expensive British cars in history if the estimate is realised. The 1997 model is the racing version of the iconic F1 supercar, which is regarded as one of the most sought-after modern day motors. The McLaren F1 GTR Longtail (pictured) is expected to fetch more than £4million at auction and could become one of the most expensive British cars in history if the estimate is realised The model was made in 1997 and is the racing version of the iconic F1 supercar. It is known as '021R' and is being sold in its original factory-delivered form with FINA livery. The Longtail has a six litre V12 engine built by the BMW and generates more than 600bhp. It got its name because of its extended front and rear overhangs, which were designed to improve handling by generating more downforce and producing less drag. The car has a top speed of over 240mph In race mode it is made for quicker acceleration rather than outright speed. Only 10 of the racing cars were ever built and the model up for auction was raced by J.J. Lehto and Steve Soper for the Works BMW Motorsport Team. This car took the chequered flag at Hockenheim and Helsinki in the 1997 FIA GT Championship, as well as several other podium finishes. The current owner has now decided to sell the McLaren, which has been entered into Gooding and Company's auction in Scottsdale, Arizona on January 17 and 18. It is expected to fetch around $7 million (£4.2m) which is an especially large number seeing as usually only cars built before 1970 fetch this sort of figure. The 1997 model (pictured) is the racing version of the iconic F1 supercar, which is regarded as one of the most sought-after modern day motors Only 10 of the racing cars were ever built and the model up for auction (pictured) was raced by J.J. Lehto and Steve Soper for the Works BMW Motorsport Team The GTR Longtail is known as 021R and is being sold in its original factory-delivered form with FINA livery. It is fitted with a six litre V12 engine built by the BMW and generates more than 600 brake horsepower. The car was given the Longtail name because of its extended front and rear overhangs, which were designed to improve handling by generating more downforce and less drag. Its stripped-back interior is pictured The car is fitted with a six litre V12 engine built by the BMW and generates more than 600bhp The car is capable of reaching a top speed of over 240mph, but in race mode, the F1 GTR Longtail is designed for quicker acceleration rather than outright speed. McLaren described the Longtail as "the final chapter in the history of one of the world's greatest-ever road cars." In total, the Surrey-based car firm built 106 F1s, including 64 road cars - making it one of the most exclusive and desirable models in history. The Longtail was designed for track racing only, but some of the McLaren F1 race cars have been converted for road use. David Gooding, President and founder of Gooding and Company: "We have a celebrated history of offering unique, rare to market McLaren cars. During our Pebble Beach Auctions in 2013, Gooding & Company set a world auction record for the McLaren marque with the sale of a 1997 F1 for $8,470,000. The most expensive car to be sold at auction was a 1954 Mercedes Benz Formula One racer that fetched a staggering $26.45million, (£16.1million) or $29.6million (£18million) with a buyer's premium. Racing driver Juan Manuel Fangio drove the Mercedes W196 car to victory in the German and Swiss Grand Prix in it in the same year. It was sold at Bonham's in July and beats the last most expencive car sold at aution, which was a 1957 Ferrari 250 Testa Rossa Prototype, sold for $16.39 million (£10million) at Gooding & Company's 2011 Pebble Beach Auction, CNBC reported. With the right gearing, the car is capable of reaching a top speed of over 240mph, but in race mode, the F1 GTR Longtail is designed for quicker acceleration rather than outright speed. The car's pedals are pictured