Here's everything you need to know about the $15 million McLaren hypercar up for auction in August

Sotheby’s announced this week that an anonymous collector has put his entire exotic portfolio up for auction this summer.The crown jewel of this collection is a 1998 McLaren F1 LM hypercar.

“The F1 is a technological tour-de-force and a real triumph in terms of packaging and design,” McLaren Automotive executive chairman Ron Dennis said in a statement in 2010.

“Whether endurance racing or on road, it is supremely fast, agile and yet comfortable. Its styling is enduring and will never fade.”

The car up for auction is one of 106 McLaren F1’s ever built and just one of a handful in the “LM” specification. According to Sotheby’s, the ultra rare British exotic is expected to fetch as much as $US12-15 million when it hits the auction block this August in Monterrey, California.

McLaren automotive is born from the racing team founded by legendary race car driver Bruce McLaren.

The team has all but conquered the world Formula One racing -- winning 182 races and 8 world championships.

In 1988, McLaren obliterated the competition by winning 15 of the 16 races on the schedule. Afterwards, the team decided it was time to use their talents to build the ultimate road car.

After four years of development under the guidance of designers Gordon Murray (seen here) and Peter Stevens...

The result was the all-conquering McLaren F1.

In 1994, the car launched with an astronomical sale price of £540,000. Even with the lofty price tag, the F1 became an instant sensation. Famous owners included...

... a young Elon Musk (who wrecked his car) and...

...comedian Jay Leno who owns the first F1 imported to the US.

In its heyday, the F1 was unlike anything the world had ever seen. As a result it reached near mythical status among car lovers.

In 1998, a five-year old McLaren F1 prototype reached an incredible 243 mph -- becoming the fastest car in the world. It's a record the car would hold for a decade.

The car included numerous unique design features such as a three-passenger cabin with the driver sitting in the middle and...

... Was one of the first cars in the world to be built using carbon fibre.

Power for the F1 came from a naturally aspirated 6.1 litre BMW V12 -- seen here in Jay Leno's garage. In the standard road car, the engine produced 627 hp.

McLaren lined the inside of the engine compartment with gold because the material is good at reflecting heat.

In 1995, the F1 GTR racers dominated the gruelling 24 Hours of LeMans endurance sports car race finishing first, third, fourth, fifth, and thirteenth.

Even more impressive, the race winning GTRs were essentially road cars modified to conform with racing regulations.

To commemorate the victory, McLaren built five special 'LM' edition production cars painted in the company's distinctive 'papaya orange' paint.

However, more people wanted the LM cars than the company originally intended to build. So, McLaren took some of the 64 standard F1 road cars and upgraded them to 'LM' specifications. The car headed for auction is one of the upgraded cars.

Distinguishing features on the LM include a carbon fibre spoiler in front and...

...a carbon fibre wing in back.

The LM has a more powerful 680 hp version of the standard car's BMW V12 engine.

At 2,341 lbs., the LM is more than 100 lbs. lighter than the standard F1.

The result is the fastest accelerating F1 road cars ever built -- capable of reaching 60mph in less than 3 seconds and 100mph in less 7 seconds.

However, the increased down force from the rear wing has cut the LM's top speed 'down to' 225 mph.

In addition to the standard F1 and the LM, McLaren built several other special editions including...

... longtail race cars and...

...the ultra-rare long-tail road cars.

Today, the flagship of McLaren's lineup is the million-dollar P1 hybrid hypercar.

However, even after 20 years, the most memorable and iconic car in McLaren's stable is still the F1.

Here's McLaren's latest offering....

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