Rolls-Royce Phantom Drophead Coupe Fetches $1.6 Million at Auction

A Rolls-Royce Phantom Drophead Coupe has been bought at a charity auction for $1.6 million to raise money for the Elton John AIDS Foundation.

Oddly enough, the first U.S. Phantom Drophead Coupe commanded more money at an auction in Naples, Florida. The coupe fetched $2 million at the Naples Winter Wine Festival in January.

The two-door, four-seat convertible which made its debut in January, has a starting price of $407,000. The successful U.K. bid was made at the 9th Annual White Tie and Tiara ball, a high-profile charity event here.

The newest Rolls-Royce is undoubtedly one of the most coveted vehicles in the world. The automaker said it is sold out for 2007 with "only a few build slots left in 2008." The Phantom Drophead Coupe is powered by a 6.75-liter normally aspirated V12 that churns out 453 horsepower and 531 pound-feet of torque.