LOS ANGELES - A rare 1967 Ferrari owned by a North Carolina orphan-turned-millionaire has been sold at auction for $27.5 million.

The red Ferrari was one of 10 ever built, and its single-family ownership increased interest at the sale.

The Los Angeles Times reports the owner, the late Eddie Smith, was a former mayor of Lexington, N.C. He died in 2007 at age 88. Since then, the car has been stored in a specially built garage.

Eddie Smith Jr. says in keeping with his father's philanthropy, the family is giving all proceeds to various charities.

The car is a Ferrari 275 GTB/4*S N.A.R.T. Spider. N.A.R.T. stands for North American Racing Team, a Ferrari-backed venture created to promote the brand in the U.S.

The sale was handled by RM Auctions in Monterey.