The very first 2016 Chevrolet Corvette Z06 C7.R Edition has managed to sell for $500,000 at Barrett-Jackson’s 8th annual Las Vegas Auction.

All proceeds from the sale of the limited edition Corvette Z06 is going towards the Detroit-based College for Creative Studies. The college is rated amongst the very best design schools in the United States and offers a range of degrees to students.

The Corvette Z06 C7.R Edition sold is a coupe and painted in a bright shade of Corvette Racing Yellow Tintcoat with a number of black accents. As with all C7.R Edition models set to be produced, it comes standard with both the Z07 Performance Package including Brembo carbon ceramic brakes and Michelin Pilot Sport Cup 2 tyres as well as the 3LZ trim package. The Z07 Performance Package also includes adjustable front and rear aero components for increased downforce.

Powering the car is the same supercharged 6.2-litre V8 engine as the ‘standard’ C7-generation Corvette Z06. That means it delivers an equal 650 hp and 650 lb-ft of torque.

Other highlights of the auction included a 1968 Chevrolet Corvette L88 ($330,000), 2005 Ford GT ($291,500), 1966 Ford Fairlane 500 R-Code ($275,000), 2012 Falcon Series 1 F7 ($198,000) and a 1962 Chevrolet Corvette 430 Custom Convertible that fetched $192,500.

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