A Ferrari worth more than £100,000 ($125,000) is set to go under the hammer for just a tiny fraction of that price.

The flashy red sports car could become the "world's cheapest" model from the Italian marque if a buyer snaps it up for its £194 ($245) asking price. The second-hand Ferrari 599 is due to be auctioned off in China next week, having been acquired by police after it was involved in a road traffic accident.

The Third People's Court in the city of Dongguan, South China decided to auction it off with a starting price of just £194 after finding it was uninsured - because they see it as only good for "scrap metal".

After being involved in a collision, local police found the car had zero information attached to it, was not registered in the system and had no insurance. Authorities won't allow the vehicle to be sold or registered in China again, meaning it can't legally be driven there at all.

Bidding on the Ferrari will allegedly start so low as it's fitted with a fake license plate and doesn't have any registration papers. A Dongguan Third People's Court spokeswoman said: "There is no information about this vehicle at the Vehicle Management Office, so it's non-transferable and can't be driven.

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"That's why it's so cheap - we viewed it as scrap metal, and its scrap evaluation came to £276 (2,430 RMB/$350). We then offered a 30 percent discount on that for our auction."

Unfortunately for whoever buys the 599, they'll also have to pay an extra £1,140 (10,000 RMB/$1450) to cover unpaid parking fines the motor has accrued, according to reports.

It's unclear if a foreign buyer would be able to export the car and register it in another country. Used Ferrari 599s as much as 13 years old retail for more than £100,000 ($125,000) in the UK.

The model was the brand's front-engined, two-seat flagship from 2006-2012, and it was named Top Gear Magazine's Supercar of the Year in 2006.

This story originally appeared in The Sun