Ash from Mount Sinabung volcano covers a car and street following an eruption in Karo
Representational picture: Ash from Mount Sinabung volcano covers a car and street following an eruption in Karo, North Sumatra, Indonesia February 19, 2018. Reuters

The most sought-after number plate in the world 'F1' has officially gone on sale in the UK for a mammoth sum of S$ 26,611,200. So, what is so special about this number plate? Apart from the fact that F1 signifies Formula 1, there is nothing much to boast about this number plate.

Afzal Kahn, a British businessman is currently the owner of this prestigious number plate. The business tycoon who is the founder of Kahn design had bought this number plate for a whopping S$ 2,016,000 earlier this year. Now, he has put this number plate for sale at an amount ten times more than the original sum he had spent to buy it.

Afzal Kahn has also posted an advertisement to inform buyers that this number is now for sale. According to the advertisement, the actual cost of the number plate is S$ 22,176,000. However, it is priced S$ 26,611,200 after adding 20 percent VAT and transfer fee.

In the UK, vehicle owners own their number plates and they can sell them at any time. Regtransfers, UK's leading supplier of official number plates, has many eminent personalities including David Beckham and Wayne Rooney who had posted ads to auction the number plates of their vehicles.

The most expensive number plate ever sold was the 'D5'. An Indian businessman named Balwinder Sahani bought this number plate for a staggering S$13,507,200, while another number plate with just '1' was sold for S$13,305,600 in 2008.

Even though 'F1' has nothing special, experts believe that dollars will pour in the auction process.

In India, it is not permitted to use customized number plates. However, customers can buy special number plates as per the law directly from the regional transport officer of the area. Sometimes, two buyers will demand same numbers, and in turn, auction will be held to finalize the number plate holders. The craze for 9999 is one such number plate here.